It costs a lot to keep Mark Zuckerberg safe.

Facebook Inc. spent $7.33 million last year protecting its chief executive officer at his homes and during his tour across the U.S. Last week, the social-media giant said it would provide an additional $10 million a year for him to spend on personal security…

Keeping Zuckerberg Safe Now Costs an Extra $10 Million a Year

Got a million dollars to plow into real estate? Vancouver’s a great place to park it, thanks to a property-tax rate that’s the lowest in both Canada and the U.S.

The owner of a C$1 million ($770,000) home in the Pacific Coast city will pay just C$2,468 a year in property tax, compared with C$6,355 in Toronto or more than C$10,000 in Ottawa, according to a new study by real estate website Zoocasa that looked at rates in 25 major Canadian markets…

Tesla Inc. said it plans to use mostly local debt to fund a new factory in Shanghai, its first outside of the U.S.

The facility, known as the Gigafactory 3, is expected to churn out about 250,000 vehicles and battery packs per year initially, capacity that will double over time. The first cars are forecast to roll off the production line in about three years, Chief Executive Officer Elon Musk said in a letter to shareholders…

Tesla Plans to Fund New Chinese Car Factory With Local Debt

Private investment in autonomous-vehicle companies soared in the second quarter to more than in the last four years combined, according to Bloomberg NEF.

Two major deals involving SoftBank Group’s Vision Fund fueled much of the surge to about $5 billion in investment, BNEF analysts wrote in their latest Intelligent Mobility Market Outlook published Wednesday. The fund led a $1.9 billion funding round in Manbang Group, China’s Uber-like truck-rental company. It also committed to a $2.25 billion infusion for General Motors Co.’s autonomous-vehicle division Cruise Automation…

Autonomous-Car Tech Investment Skyrockets on SoftBank Deals

India’s government seems intent on abandoning good ideas for dealing with the country’s banking crisis and encouraging bad ones. Perhaps that shouldn’t be surprising, given that the bureaucrats don’t yet seem to have grappled with the real nature of the problem.

The latest terrible proposal for dealing with the bad loans weighing down India’s state-owned banks, which control more than two-thirds of deposits, is to create a “bad bank” — an asset-management company that would take stressed assets off their balance sheets. Naturally, the scheme emerged from a committee made up of the heads of India’s nationalized banks…

Fidelity Investments, having lost billions of dollars in assets to rivals, pulled out some new ammunition to use against them — dropping fees to zero.

The move is part of an ongoing reckoning at Fidelity. The company, which built an empire on the prowess of its stock pickers, has been moving aggressively to fit into a world increasingly dominated by low-cost index products and exchange-traded funds. But it’s playing catch-up to Vanguard Group and BlackRock Inc…

CBS Corp. offered Leslie Moonves a contract extension last year that could pay him several hundred million dollars if he remains chief executive officer until 2021. Now that might be in flux.

Shares of the broadcaster continued to slide Monday after the New Yorker reported that six women said they’d been sexually harassed by Moonves over the years. Similar accusations have derailed the careers of numerous executives and high-profile employees at U.S. companies recently…

Investors haven’t been this down on Chinese brokerages in more than a decade, and the outlook is just as grim.

Bloomberg’s gauge for China-listed brokerages is at its lowest relative to the Shanghai Composite Index since June 2007, even with the equity benchmark stuck 20 percent below its January peak. The sector trades at 13.3 times 12-month forward earnings, compared with 10.6 times for the Shanghai gauge, near the narrowest difference in a year.

Goldman Sachs Group Inc. executives and board members may have reaped as much as $3 billion from stock options granted during the 2008 financial crisis, according to the Wall Street Journal.

In December of that year, the bank granted 36 million options with a strike price of $78.78 to about 350 partners and directors. The securities have generated an estimated $3 billion of gains as the firm’s stock has tripled, the newspaper reported Monday, citing a review of regulatory filings…

Goldman Insiders Cashed In $3 Billion of Crisis-Era Options: WSJ

Bitcoin spiked lower after dropping below the $8,000 price level.

Volatility in the biggest cryptocurrency has increased over the last few trading sessions after the U.S. Securities and Exchange Commission rejected the latest attempt to create an exchange-traded fund…

Bitcoin Extends Loss After Dropping Below $8,000 Price Level

An industrialist had grand visions when he helped rescue a storied bank in the port city of Genoa. Fast-forward three years, and the European Central Bank is uneasy about the shareholder, turnover in the executive suite and the lender’s ability to survive on its own.

Don’t be fooled by July’s gains: the causes of emerging-market turmoil haven’t gone away, according to investors including Fidelity International and Amundi Asset Management.

Developing-nation debt is heading for the first monthly gain since March and stocks are set for the first advance since January after a sharp sell-off in the second quarter made valuations appealing. Carry-trade investors will have their first positive return in four months as emerging currencies close the month with a small loss…

Indian companies have been involved in deals worth a record $97.6 billion this year. Top banker JPMorgan Chase & Co. is predicting more offshore interest in the nation, particularly in technology, media and telecom.

Walmart Inc.’s $16 billion acquisition of a majority stake in Indian e-commerce company Flipkart Online Services Pvt. Ltd. — a deal JPMorgan advised — has been the biggest so far, pushing the total past a previous annual peak of $92.3 billion, according to data compiled by Bloomberg. India’s bankruptcy process has also spurred activity with more than $26 billion in distressed steel assets coming on the block, while a price war in telecom forced consolidation…

The world’s third-highest dividend yielding developed market is expected to boost payouts to the most in at least four years as investors reap the benefits of a resources-based economy.

Five times as many companies are likely to boost dividends from a year earlier than cut among the top 100 stocks reporting in August, according to data compiled by Bloomberg. More than a quarter of the expected payments are coming from two of the world’s largest miners, the data show…

China used to rail against the outsize role of the U.S. dollar. But in a major turnaround, the world’s second-biggest economy has started embracing the currency of its larger rival.

Chinese companies and banks—and even the government—sold bonds denominated in dollars at a record pace last year, and underwriters expect that growth to continue for years. The roughly half-trillion-dollar market has two key attractions for China’s borrowers. For some, it’s an easier place to raise cash than at home—where regulators are cracking down on leverage. For others, dollars are simply easier to use to fund acquisitions and investments abroad…

Galaxy Digital LP, the crypto-focused merchant bank founded by Mike Novogratz, posted a $134 million loss in its first quarter, when the value of Bitcoin and other cryptocurrencies plunged.

Galaxy Digital’s trading business had $13.5 million of losses and an additional $85.5 million of unrealized losses on digital assets, plus a $1.1 million paper loss on investments, the New York-based firm said July 25 in its first quarterly disclosure. The eight-month-old firm also posted $22.9 million paper losses on investments in its principal investing business…

John Streur, an investor who sold his fund’s Facebook Inc. holding after the Cambridge Analytica privacy scandal, said he felt “vindicated” watching the social media giant’s free-fall Thursday.

“I’m never rooting for stocks to go down or for companies to go poorly, but pretty simply, we got this,” said Streur, who heads Calvert Research & Management, a socially responsible investing firm with about $14 billion. “We nailed this, and sure, that’s a good feeling.”…

A $14 Billion Fund Manager Feels ‘Vindicated’ by Facebook Plunge

Donald Trump’s surprise trade truce with the European Union has analysts asking, “What does this mean for the trade war with China?”…

What Does the Apparent Trump-EU Trade Truce Mean for China?

Mizuho Financial Group Inc.’s trust banking arm has its sights set on exactly where the wealth is in Japan: the $11 trillion held by the nation’s elderly.

The company has begun selling a type of trust that gives rich retirees more options for managing their money, and sales of the product are exceeding expectations, Chief Executive Officer Tetsuo Iimori said. “There’s no question that this is going to be a pillar of our retail trust business,” he said in an interview. “The potential here is clearly enormous.”…

Devendra Jain was abducted one muggy Mumbai afternoon last September, whisked away in a car by angry investors of an insolvent firm he was tasked with reviving.

The chartered accountant says he stood outside the firm’s midtown office that day, by a bustling main street. Suddenly a group of investors walked up, demanding to know when they’d recover their money. Then a car whizzed by; he was bundled in and driven to a remote bungalow. It took nearly 24 hours and a lucky phone call for the police to track him down. He now keeps an armed bodyguard with him at all times…

Chinese e-commerce company Pinduoduo Inc. has raised $1.6 billion after pricing its U.S. initial public offering at the top end of a marketed range, according to a person with knowledge of the matter.

The Shanghai-based shopping platform backed by Tencent Holdings Ltd.has priced 85.6 million American depositary shares at $19 each, said the person, who asked not to be identified because the details are private. The shares were marketed at $16 to $19 each, according to a regulatory filing…

Tencent-Backed PDD Is Said to Price $1.6 Billion U.S. IPO at Top

The outlook for the first U.S. exchange-traded fund that invests in Bitcoin just got darker.

The U.S. Securities and Exchange Commission on Thursday again denied an exchange’s request to list a cryptocurrency ETF run by Tyler and Cameron Winklevoss, steepening the odds that any of a clutch of similar proposals will make the grade. The SEC decided to reject the rule change needed for the Winklevoss fund to start trading after reviewing a March 2017 decision, which came to the same conclusion…

Bitcoin ETF Mania Dented as SEC Again Rejects Winklevoss Fund

Starbucks Corp., fresh off a spring of tough headlines and uninspiring results, is taking bigger steps to correct course.

The coffee giant will start nationwide delivery in China by the end of the year, and it’s also considering a national U.S. television advertising campaign, executives said after the release of quarterly results. The company is taking aim at a persistently soft performance in the afternoons and greater price competition in the key Chinese market…

After seeing India’s benchmark bond yields rise more than 40 basis points this year, Nomura Asset Management Co.’s Takashi Mishima is seeing a “good entry point” into the market now.

“India stands out by far in emerging markets,” Mishima, senior fund manager at the fixed-income investment department of Nomura Asset, which oversaw the equivalent of $493 billion as of March 31, said in an interview in Tokyo. “The market has already priced in much of the potential rate increases and that would limit any yield gains from here.”…

Japanese commercial lenders are privately complaining to the central bank about its purchases of corporate bonds at negative interest rates and are asking it to stop the practice, according to people familiar with the matter.

The trigger for the grievances is that the Bank of Japan has continued to buy company notes at yields below zero at monthly operations since February, the people said. Banks are concerned that the downward pressure this puts on corporate borrowing costs in the credit market may force them to reduce the interest rates they charge on loans, further hurting their profitability, according to the people, who asked not to be identified because the information isn’t public…

Visa Inc. has found the upside in America’s addiction to credit-card debt.

Spending on the firm’s U.S. credit-card products climbed 11 percent to $493 billion during the fiscal third quarter, when outstanding card debt reached a record in the country. Visa, the world’s largest payments network, has benefited from an increase in consumer spending, Chief Executive Officer Al Kelly said…

Visa Says America’s Love for Credit-Card Debt Buoyed Profit

Hangzhou Hikvision Digital Technology Co. has bled $11 billion of market value since U.S. tensions and concerns about a slowing Chinese economy knocked it off a March peak. Now, the world’s largest maker of surveillance equipment is counting on smarter robotic devices to more than recoup those losses.

Hikvision — pronounced “Hike-vision” in deference to its Chinese name — had for years cashed in on the country’s obsession with monitoring its citizens for everything from traffic shenanigans to acts of terrorism. Despite its months-long decline, it’s still earned a valuation on par with some of the world’s largest technology corporations including Alphabet Inc. and Facebook Inc. — before the U.S. social media firm’s Wednesday post-market plunge…

When British entrepreneur James Dean decided to raise money for his tech startup this year, he did what company founders usually do — he talked to venture capitalists. Yet Dean disliked what he heard, so he sought an alternative. He didn’t choose equity crowd-funding or peer-to-peer loans. Instead, Dean turned to Coutts & Co.

As a 326-year-old private bank that caters to Britain’s ultra-rich and counts Queen Elizabeth II as a client, Coutts may not be the first name that jumps to mind as a tech disruptor. The firm, after all, still requires its male employees to wear neckties when meeting with clients…

The $1.5 billion India wager that went horribly wrong for some of the world’s biggest hedge funds began with a tantalizing offer.

It was a rare chance to invest in prime real estate in one of the fastest-growing economies on Earth. The private equity style venture — steered by a politically connected Indian businessman, a former Goldman Sachs Group Inc. partner, and a one-time principal at Michael Dell’s investment firm — promised to deliver outsized returns with a unique combination of local expertise and world-class corporate governance…

The world’s biggest money manager is pushing into China’s cutthroat hedge fund market with an offering that charges less than half the typical fees and has delivered above-average returns.

BlackRock Inc. started selling the fund to Citic Securities Co. clients last week, and will charge a 0.75 percent management fee while taking 10 percent of profits, according to people familiar with the matter. An offshore version of the strategy, which makes stock picks based on big data gleaned from social media and other sources, delivered an average 22 percent annually from November 2012 through last year, said the people…

Donald Trump’s real estate company plans to spend 150 million pounds ($197 million) building homes, vacation cottages and sports facilities adjacent to the golf resort the U.S. president owns in northeast Scotland.

The Trump Organization said in a statement on Tuesday it submitted the proposal to Aberdeenshire Council for approval. It adds to the 100 million-pound investment in the golf course and hotel at the site on the North Sea coast. The expansion, like the existing investment, will be paid for by the company with no external financing, it said separately…

Indian lenders struggling to recoup loans worth about $20 billion to troubled property developers have to contend with another challenge: A lackluster recovery from the worst home-sales slump this decade.

To recover the dues, banks are taking control of land parcels and unfinished projects that can be sold along with loans. This comes at a time when home sales volumes have declined about 40 percent over four years and prices have dropped as much as 20 percent on average, said S. Sriniwasan, managing director of Kotak Investment Advisors, which oversees the alternate assets business of parent Kotak Mahindra Bank Ltd…