Briefs

Hedge fund chief banned JPMorgan in firing line

Billionaire hedge fund manager Phil Falcone, the founder of Harbinger Capital Partners, has admitted to "multiple acts of misconduct" that harmed investors and has agreed to pay more than $19 million as part of a deal to settle US Securities and Exchange Commission charges. Falcone, pictured, has also agreed to be barred from the hedge fund industry for five years.



€176b

of doubtful loans in Spain, or 11.6 per cent of total loans, are weighing on the country's banks, the Bank of Spain said. The June result is a new record and a sign of persistent weakness in the bailed-out sector.



JPMorgan is facing further litigation from the US Department of Justice, which is investigating whether it manipulated energy markets. It has already agreed to pay $US410 million ($453 million) to settle allegations that it manipulated energy markets in California and the Midwest. The US bank is now the subject of at least six different investigations.