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Citigroup Revises Earnings on Fraud in MexicoCitigroup said on Friday that it was revising its results for the fourth quarter and 2013 after it discovered fraud at a subsidiary in Mexico. The company said in a statement that it lent $585 million through Banco Nacional de Mexico, or Banamex, to Oceanografia, a Mexican oil services company, through an accounts receivable financing program. Oceanografia has been a chief supplier to Pemex, the Mexican state-owned oil company. Citigroup later discovered that Oceanografia had been suspended by the government from winning new contracts and began reviewing the financing program.
Mt. Gox Files for BankruptcyMt. Gox, once the largest Bitcoin exchange in the world, filed for bankruptcy protection on Friday and said that it might have lost 750,000 of its customers' coins in a hacking attack.
Fortress Discloses a Paper Loss on BitcoinThe Fortress Investment Group is the first large public company to disclose a stake in Bitcoin. It had an unrealized loss of $3.7 million at the end of the year.
A Scorecard on Jos. A. Bank's Latest MovesJos. A. Bank's rejection of the new bid from Men's Wearhouse was expected. But what was surprising was that Jos. A. Bank laid out parameters for future talks over a deal, Steven M. Davidoff writes in the Deal Professor column.
Five Years Later, an Over-the-Top Wall Street Blog ReturnsLeveraged Sell-Out, a blog that parodied the musings of young Wall Street bankers, is back with new postings, five years after the financial crisis.
Paper Warns of Exodus From Emerging Market Bond FundsFour influential economists with roots in Wall Street, academia and the Federal Reserve will warn that regulators have to date done little to prepare for a possible system-rattling "bond market tantrum."
A Purpose Beyond ProfitOver the past 15 years, something palpable has begun to change at big companies, Tony Schwartz writes. They are awakening to a larger perspective and a bigger view of the role they play in the world.
Mattel Agrees to Buy Maker of Mega Bloks, a Lego RivalMattel on Friday said it had agreed to buy Mega Brands, a smaller company based in Montreal that sells plastic construction bricks and arts and crafts sets. The deal has an enterprise value, a measure that includes debt, of $460 million.
Chinese Auction House Raises $331 Million in Hong Kong I.P.O.The offering by Poly Culture bolsters the prospects of the company's auction business in the world's fastest-growing art market and allows it to expand its cinema, theater and performance hall operations.
Riverbed Rejects Updated Elliott Takeover BidRiverbed Technology rejected the latest takeover proposal from the hedge fund Elliott Management on Friday, calling the $3.3 billion offer too low. The move was disclosed just three days after Elliott raised its takeover bid to $21 a share from $19.
The Best of the Week's eBay Barbs"The C.E.O. seems to be completely asleep," "Mr. Icahn's attacks are false and misleading" and other highlights from the war of words between Carl C. Icahn and eBay this week.
Apollo Chief Questions Effort to Limit Banks' Exposure to Buyout DealsLeon D. Black, the head of Apollo Global Management, said on Friday that regulators instructing banks to avoid providing financing above a certain level of debt were "micromanaging."
GrubHub Files for an I.P.O.The company published a prospectus for its initial public offering on Friday, unveiling the financial performance of divisions like Seamless and its namesake delivery service.
Bankia Privatization Starts With Sale of Government SliverThe Spanish government announced on Friday that it sold a 7.5 percent stake in Bankia, its first step toward returning the bank to private ownership. The government still owns about 61 percent of the bailed-out bank.
A Maelstrom of Fraud Without Early WarningCitigroup has been caught up in a fraud in a basic business, a situation that should concern its rivals as well, Antony Currie writes for Reuters Breakingviews.
Why the Bank Leverage Ratio Is ImportantThe Federal Deposit Insurance Corporation has proposed the ratio at 5 percent for bank holding companies and 6 percent for insured bank depositories. The time has come to put this into effect, writes Mayra Rodríguez Valladares.