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Business Matters: 32 Charged Over 'Insider Trading Hack' Scheme

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32 charged over 'insider trading hack' scheme

12/08/2015

32 Charged Over 'Insider Trading Hack' Scheme

BBC World Service - Business Matters, 32 Charged Over 'Insider Trading Hack' Scheme

US authorities charge 32 alleged members of a global hacking and insider trading ring.

Authorities in the US charge 32 alleged members of a global hacking and insider trading ring; China devalues the Yuan and can palm oil be produced sustainably?

32 people have been charged by investigators over a scheme in which hackers stole press releases about company results before publication - and sold them to financial traders. The scheme apparently netted the fraudsters more than a 100 million dollars. Julia La Roche of Business Insider gives us the details. 

Palm oil goes into almost everything. Global demand is therefore huge and is expected to rise by over 50 per cent over the next decade. But large-scale plantations have devastated the wildlife in places like Borneo. So is it possible to produce sustainable palm oil? Jennifer Pak reports from Borneo's Ulu Shegama forestry reserve.

China's central bank has devalued the yuan to its lowest rate against the US dollar in almost three years. The lender said the move was a "one-off depreciation" of 1.9% in a move to make the exchange rate more market-oriented. But the US has in the past complained that China uses its currency for competitive advantage. We hear from the BBC's Asia business correspondent Karishma Vaswani on the surprise move.

And who was Jeremiah G. Hamilton? A successful businessman in nineteenth century New York is the short answer. But why was he known as 'the Prince of Darkness'?

All this and more is discussed with our guests on either side of the Pacific. Angela Mancini, Vice-President of Control Risks, in Singapore and Dave Shaw, Washington Bureau Chief for Marketplace, in the US capital.

(Photo: Secretary of Homeland Security Jeh Johnson speaks during a press conference with Securities and Exchange Commission Chair Mary Jo White. Credit: Kena Betancur/Getty)

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