Asian stocks trade broadly higher after Bank of Japan holds interest rates steady

Hong Kong (CNN Business)Asian stocks traded mostly higher Tuesday after the Bank of Japan kept its ultra-low interest rates unchanged. Investors are also waiting for clues on other key events, including a rate decision from the Federal Reserve and progress on US-China trade talks in Shanghai. The Federal Reserve’s two-day policy meeting will also start Tuesday. The US central bank is widely anticipated to cut interest rates for the first time since 2008. Meanwhile, US-China trade talks are kicking off in Shanghai. It’s the first time that top negotiators from the two countries are meeting in person since their leaders declared a temporary truce at the G20 last month. US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are …

Uncovered: the 200m theme park, the businessman and the missing millions

A Guardian/ITV News undercover investigation raises concerns about Gavin Woodhouse, who is behind project endorsed by Bear Grylls A new 200m outdoor adventure park, which is being launched with the support of the celebrity adventurer Bear Grylls, is being fronted by a financier who has raised millions of pounds from private investors and whose businesses have a multimillion-pound black hole. The Afan Valley Adventure Resort in south Wales was granted owned and run by Gavin Woodhouse, a businessman who previously attracted tens of millions of pounds from small private investors in order to build care homes and acquire a hotel portfolio. Despite raising about 16m five years ago to build four new care homes, none are operational and three have …

Sotheby’s sold to billionaire art collector Patrick Drahi for $3.7 billion

New York (CNN Business)Telecom billionaire and art collector Patrick Drahi has emerged as the winning bidder for Sotheby’s, the 275-year-old auction house. After the deal closes, Sotheby’s will be owned by Drahi’s BidFair USA. Drahi, a billionaire entrepreneur and art collector, has built a fortune that Forbes estimates at more than $9 billion. “Sotheby’s is one of the most elegant and aspirational brands in the world,” Drahi said in a statement, adding that he is a longtime client and admirer of the company. Sotheby’s was founded in London in 1744 and today it has 80 offices around the world, with its headquarters in New York. Drahi expressed “full confidence” in Sotheby’s management and said he has no plans to change …

The maker of Bratz is still trying to buy Mattel

New York (CNN Business)MGA Entertainment, the toy company that owns the Bratz and L.O.L. Surprise! dolls, really wants to buy Barbie maker Mattel. Shares of Mattel (MAT) rose nearly 9% in early trading Wednesday and the stock is now up about 20% this year. MGA was not immediately available for further comment. Mattel declined to comment. But according to the correspondences released by Larian, Mattel’s chief legal officer Bob Normile responded to Larian’s offer on June 7 with a firm “no.” Normile said that Mattel’s board “has unanimously concluded that your proposal is not in the best interests of Mattel and its shareholders.” He added that Mattel “is not interested in further discussions.” The leak of these emails is the …

Worlds biggest investor accused of dragging feet on climate crisis

BlackRock, which controls $6.5tn in assets, urged to use its influence on planets biggest polluters When a letter from BlackRocks founder and chief executive, Larry Fink, landed in inboxes in January saying that the worlds biggest investor would no longer invest in companies that are not compliant with the history of embarrassing big companies. But while the message was fake, the concern behind it was not: environmental campaigners see BlackRock as a key obstacle to progress on meeting climate crisis goals. Now they are stepping up the pressure on the worlds biggest asset owner which faces its shareholders at its annual meeting on Thursday to use its influence on some of the worlds biggest polluters, as it has done previously …