(Bloomberg) -- Iran vowed to target any U.S. military vessel that tries to endanger Iranian ships in the Persian Gulf, ramping up new frictions touched off by a hostile encounter at sea last week.“If any vessel or any military unit of the terrorist forces of America seek to put the security of any of our military or non-military vessels in danger, that unit or vessel will be targeted,” Islamic Revolutionary Guard Corps commander General Hossein Salami warned on Thursday. His comments to state TV were published by the corps’ official news website, Sepah News.Trump Tells Navy to Destroy Any Iranian Gunboat Harassing It Salami issued his threat a day after U.S. President Donald Trump said he’d ordered the U.S. Navy to destroy any Iranian gunboats that harass American ships. A week earlier, the Pentagon accused Iran of “dangerously” doing just that, but Salami reiterated Iran’s claim that American vessels approached its...
If you thought the collapse in oil prices this week was bad, next month could be “fundamentally worse,” with prices falling to -$100 a barrel, says one energy strategist....
(Bloomberg) -- Credit Suisse Group AG was stung by the collapse of Luckin Coffee Inc. in China following an accounting scandal, which led to a five-fold increase in Asian loan-loss provisions.The Swiss bank set aside 97 million Swiss francs ($100 million) for soured loans, primarily related to three cases, the largest of which was Luckin Coffee, according to a person familiar with the matter. The bank only referred to a “Chinese food and beverage company” in its earnings statement Thursday.Credit Suisse led the initial public offering for Luckin in New York last year and is among the biggest creditors on defaulted loans to Luckin founder Lu Zhengyao. The bank provided about $100 million in margin loans before accounting fraud allegations at the Chinese company triggered a collapse in the stock this month.Luckin, the biggest challenger to Starbucks Corp. in China, has said its chief operating officer and some of its employees...
