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A Singapore firm headed by a scion of one of Asia's richest families has bought a 49 percent stake in Rolling Stone, with plans to diversify the iconic magazine into new business including live events and merchandising. BandLab Technologies, a music and technology start-up headed by 28-year-old Kuok Meng Ru, bought the stake for an undisclosed sum and will partner current owners Wenner Media, the firms said in a statement late Sunday. Rolling Stone International, a new subsidiary to be headed by Kuok, will organise events including concerts, and develop merchandising and hospitality services, Bloomberg News reported.
Former IMF chief Rodrigo Rato went on trial Monday accused of overseeing a "corrupt system" that helped him and other executives misuse funds when he was the boss of two of Spain's top banks. Protesters shouted "thief" and "fraud" at the former economy minister and deputy prime minister as he arrived at the courthouse outside Madrid. Rato is standing trial with 64 other former executives and board members at Caja Madrid and Bankia, whose near-collapse sparked an EU bailout of Spain's financial sector.