China's Didi Chuxing to start ride-hailing service in South Africa

BEIJING (Reuters) – China’s Didi Chuxing, which is backed by SoftBank, said on Monday it would start a ride-hailing service in Cape Town, South Africa.

Didi already operates in Japan, Australia, Russia and several South American markets.

Three reasons why Elite Eight-bound UCLA, a No. 11 seed bubble team, has emerged as a men’s Final Four dark horse

UCLA hardly looks the part of a No. 11 seed that escaped the men's NCAA Tournament bubble.

Following an 88-78 upset of No. 2 Alabama in overtime on Sunday, the Bruins (21-9) have now defeated four teams in the men's NCAA Tournament to reach the Elite Eight.

It was reasonable to consider UCLA an upstart double-digit seed after it stormed back from a 14-point deficit to knock out Michigan State in a play-in game and then followed it up with a first-round upset of Brigham Young. It was reasonable to conclude the Bruins got a fortunate draw against an out-of-steam Abilene Christian team. 

But after the grind-it-out victory over the SEC champion Crimson Tide, there's no more arguing with the Bruins being a legitimate contender in March Madness – regardless of the seed. 

A look at why UCLA has emerged as a Final Four dark horse: 

Cargo ship blocking Suez Canal has been refloated, says Inchcape

Ever Given, the giant container ship blocking the Suez Canal, has been refloated and is being secured, maritime services provider Inchcape said in a Twitter post.

This is breaking news. Please check back for updates.

Germany's confirmed coronavirus cases rise by 9,872: RKI

BERLIN (Reuters) – The number of confirmed coronavirus cases in Germany increased by 9,872 to 2,782,273, data from the Robert Koch Institute (RKI) for infectious diseases showed on Monday.

The reported death toll rose by 43 to 75,913, the tally showed.

Stranded Suez Canal ship re-floated: Inch Cape

CAIRO (Reuters) – The stranded container ship blocking the Suez Canal was re-floated on Monday and is currently being secured, Inch Cape Shipping Services said in a post on Twitter.

The Suez Canal Authority had earlier said in a statement that tugging operations to free the ship had resumed.

No. 6 USC rolls again, beating Pac-12 rival Oregon to reach Elite Eight for first time in 20 years

Southern California dominated Pac-12 Conference rival Oregon 82-68 Sunday night in the final game of the men's Sweet 16. 

The No. 6 seed Trojans are in the Elite Eight for the first time since 2001 with their third straight blowout victory in the NCAA Tournament. 

It's been a banner tournament for the Pac-12, which has three teams now in the Elite Eight. USC joins No. 11 UCLA, which started the tournament as a bubble team in the First Four, and No. 12 Oregon State, which won the conference tournament title to steal a bid, in the regional finals, but the Trojans look by far the strongest of the conference's remaining participants. 

USC rolled past No. 11 Drake 72-56 in the first round and No. 3 Kansas 85-51 in the second round, and Sunday against the No. 7 Ducks it was more domination. 

The Trojans took control in the first half, taking a 41-26 lead into the locker room. The Trojans shot 58.6% in the first half (17-for-29), hitting five of their nine 3-point attempts. 

Nomura's potential losses are related to Archegos trades – Bloomberg News

SINGAPORE, March 29 (Reuters) – A potential $2 billion loss flagged by Japan’s Nomura Holdings Inc on Monday is related to the unwinding of trades placed by Archegos Capital Management, Bloomberg News reported, citing people familiar with the matter.

One of the people said that New-York based Archegos, founded by Bill Hwang, was a prime brokerage client at Nomura, according to Bloomberg. Nomura has said the losses arise from transactions with a U.S. client but has not disclosed their identity.

A person who answered the phone at Archegos on Sunday hung up without comment.

Credit Suisse takes hit from U.S. hedge fund; warns of 'highly significant' losses

• In a trading update before the market open, the Zurich-based lender said a number of other banks were also affected and had begun exiting their positions with the firm.
• The bank added that it would provide a further update on the matter "in due course."

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LONDON — Credit Suisse warned Monday of a "highly significant" hit to to its first-quarter results, after it began exiting positions with a large U.S. hedge fund that defaulted on margin calls last week.

In a trading update before the market open, the Zurich-based lender said a number of other banks were also affected and had begun exiting their positions with the unnamed firm.

"While at this time it is premature to quantify the exact size of the loss resulting from this exit, it could be highly significant and material to our first quarter results, notwithstanding the positive trends announced in our trading statement earlier this month," Credit Suisse said.

The bank added that it would provide a further update on the matter "in due course."

This is a breaking news story, please check back later for more.