Uber Is Facing Bribery Questions in at Least Five Asian Countries

The newswire reported Wednesday that the ride-hailing company, which is facing a federal probe into possible breaches of the Foreign Corrupt Practices Act, has already notified officials about payments made by its staff in Indonesia. It added that attorneys are also focusing on activities in China, Malaysia, India, and South Korea.

The report adds detail to the troubles facing new CEO Dara Khosrowshahi as he sets about fixing the company's dysfunctional culture. It also arguably sheds further light on the decision of chief legal officer Salle Yoo to step down, a decision that became public last week. Uber's head of Asian operations Michael Brown said Tuesday that he too plans to leave. Khosrowshahi has indicated he will need two years to make the company fit for an initial public offering by addressing all the issues left behind by ousted CEO Travis Kalanick. read more »

Judge says Texas mortgage companies owe $296.3M to U.S. government

A federal judge ordered two Texas-based mortgage companies and their chief executive to pay $296.3 million to the U.S. government after a jury found them liable for inducing the government into insuring risky home loans, the U.S. Department of Justice said on Tuesday.

The award was announced by acting U.S. Attorney in Manhattan Joon Kim, whose predecessor Preet Bharara had pursued the False Claims Act case against Allied Home Mortgage Corp, Allied Home Mortgage Capital Corp and Chief Executive Jim Hodge. read more »

SEC scrutiny jolts Guggenheim

Earlier this year, the US Securities and Exchange Commission began looking at Guggenheim’s operations, certain investments and disclosures. The regulator has since requested from Guggenheim information on several deals, including one involving the firm’s investment in an entity founded by former Barclays chief executive Bob Diamond, sources said.

At least one person independently has shared information about Guggenheim with the SEC, according to the sources.

The information request came from the SEC’s examinations staff, the sources said. Those officials have discussed the matter with ­enforcement staff, who will determine whether to proceed with an investigation, one source said. read more »

The value of credit-card points

The corruption trial of a New Jersey senator raises questions about air miles

The value of credit-card points has long been a topic of debate among business travellers. The subject is also picked over online on an impressive number of dedicated blogs and forums. Now it is getting an airing in a different sort of venue: the corruption trial of an American senator.

Robert Menendez, a Democratic senator from New Jersey, is facing charges for allegedly doing favours for Salomon Melgen, a Florida-based eye doctor and friend of the lawmaker. Prosecutors say that Mr Melgen was trying to avoid repaying the government $8.9m that he had allegedly overbilled Medicare, the public health-care programme for seniors. And he wanted Mr Menendez’s help in exchange for lavish kickbacks. These included flights in a private jet, stays in a fancy hotel and more than $750,000 in campaign contributions.

But at the centre of the third day of the trial last week was the issue of credit-card points. In 2010, Mr Salomon paid for Mr Menendez to stay for three nights at the Park Hyatt Vendome, a five-star hotel in Paris. Mr Menendez’s legal team argued that this does not qualify as a gift because Mr Melgen used American Express Membership Reward points to settle the bill. read more »