Ares Management Corp. has hired former CapitaLand Investmentexecutive, Gabriel Fong, as partner for Asia credit, focusing on special situations, according to people familiar with the matter.

Realizing President Donald Trump’s plan for a US-led revival of Venezuela’s beleaguered oil industry could be a years-long and challenging process costing upwards of $100 billion.

Saks Global Enterprises is looking to line up a loan of as much as $1 billion to keep the business running as part of a Chapter 11 bankruptcy filing that could happen in coming weeks, according to people familiar with the situation.

The US Department of Justice on Saturday accused Venezuela President Nicolás Maduro of playing a key role in a broad conspiracy over 25 years to traffic cocaine into the US with the help of regional drug and terrorist groups.

Maciej Woznica, a fixed-income portfolio manager at Coeli Frontier Markets, a unit of Coeli Asset Management, which oversees some $4.8 billion, has been buying Venezuela’s bonds since May. He says for investors in the securities, the US airstrikes against the Latin American nation and the capture of President Nicolas Maduro on Saturday “is a positive” and “will lead to continued appreciation of bond prices towards recovery levels, which is around 50 cents on the dollar.”

State regulators are abandoning a plan to rehabilitate PHL Variable Insurance Co. and may pursue liquidation instead, after finding that the struggling life insurer — acquired by private equity firm Golden Gate Capitala decade ago — is in worse shape than previously thought.