Tag

#Financials (Legacy)

Home » Financials (Legacy)

1204 posts
Bookmark?Remove?

Credit Suisse blames former COO for covering up second spying case

ZURICH (Reuters) – Credit Suisse (CSGN.S) on Monday cleared CEO Tidjane Thiam and other top executives from knowledge of a second spying incident, saying former Chief Operating Officer Pierre-Olivier Bouee had the Swiss bank’s then-head of human resources foll... More »

Bookmark?Remove?

The Yankees are coming! U.S. firms rush to euro debt markets

LONDON (Reuters) – From Harley Davidson to Colgate-Palmolive, U.S. companies are flocking to borrow in euros and their record issuance is breathing life into a market where yields have been hammered by the European Central Bank’s renewed stimulus push. Offshor... More »

Bookmark?Remove?

SEC proposes allowing more investors access to private companies

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Wednesday proposed changes to its decades-old definition of a professional investor in order to allow more Americans to buy shares in private companies. The agency hopes the changes will boo... More »

Bookmark?Remove?

Take Five: What’s the deal?

LONDON (Reuters) – 1/AFTER PHASE ONE COMES PHASE TWO U.S. President Donald Trump and Chinese officials have agreed to a “phase one” trade deal that includes cutting U.S. tariffs on Chinese goods. Washington has agreed to suspend tariffs on $160 billion in Chin... More »

Bookmark?Remove?

Global financial watchdogs take aim at Big Tech’s data dominance

LONDON (Reuters) – Google, Alibaba and other “Big Tech” companies could be forced to share data on financial services customers with banks and financial technology firms to prevent unfair competition. As Facebook’s plan for its Libra “stablecoin” faces scrutin... More »

Bookmark?Remove?

Exclusive: Saudi Aramco pursues war cover after attacks – sources

LONDON/RIYADH (Reuters) – Saudi Aramco is looking to buy insurance against war and terror attacks after a damaging drone and missile attack on some of its oil facilities in September, two sources told Reuters. Aramco, the world’s largest oil company, has been ... More »

Bookmark?Remove?

Silver Lake appoints Egon Durban, Greg Mondre as first co-CEOs

(Reuters) – Private equity firm Silver Lake on Monday named company veterans Egon Durban and Greg Mondre to the newly formed roles of co-chief executive officers. The firm, which manages over $43 billion in combined assets, said Durban and Mondre, who were man... More »

Bookmark?Remove?

India courts private hospitals to boost insurance program

NEW DELHI (Reuters) – India will offer incentives to private hospitals to take part in the government’s health insurance program, potentially the biggest of its kind in the world, a senior government official told Reuters. Launched last year, the scheme is cri... More »

Bookmark?Remove?

Bacon’s Moore Capital to return client capital after 30 years

(Reuters) – Louis Moore Bacon, the billionaire hedge fund manager whose macroeconomic bets on currencies, interest rates and other securities earned his Moore Capital Management LP double-digit returns over 30 years, will stop investing for outside clients, ac... More »

Bookmark?Remove?

Equities back in favor for sovereign investors in third quarter

LONDON (Reuters) – Sovereign wealth funds regained their appetite for equities in the third quarter, piling into passively managed stocks in the United States and equities in mainland China and elsewhere, according to eVestment data. Passively managed S&P 500 ... More »

Bookmark?Remove?

Sustainable investors face squeeze as larger firms move in

COLORADO SPRINGS, Colo. (Reuters) – Specialized fund managers who pioneered green investing for decades are missing out on some of the spoils as the sector goes mainstream and large firms move in. So-called sustainable funds, which pick stocks based on environ... More »

Bookmark?Remove?

Crypto backed by crypto: Dai seeks to change ‘stablecoin’ game

LONDON (Reuters) – Some are backed by dollars. Others by gold. But this “stablecoin” isn’t tied to any major asset – it’s backed by another cryptocurrency. Stablecoins, such as Facebook’s (FB.O) Libra, are a new breed of cryptocurrencies that aim to escape the... More »

Bookmark?Remove?

Russian military exports unaffected by sanctions: Rostec CEO

DUBAI (Reuters) – Russia’s military export sales have not fallen despite U.S. sanctions, the head of state conglomerate Rostec said on Monday. Rostec, whose business includes weapons manufacturer Kalashnikov as well as Russian Helicopters and United Aircraft C... More »

Bookmark?Remove?

Some banks slow in implementing Brexit plans: ECB’s Enria

FRANKFURT (Reuters) – European Union banks have put in place all the plans for Brexit but execution is lagging as lenders await the outcome of negotiations between Britain and the EU, European Central Bank banking supervisor Andrea Enria said on Monday. Some b... More »

Bookmark?Remove?

Beyond windmills, Epoch’s Van Valen looks for grid improvements

NEW YORK (Reuters) – At a time when U.S. utilities face pressure to rely more on renewable energy, a well-known investor in the space said it is equally important to judge companies by their spending on less glamorous areas like power lines and grid reliabilit... More »

Bookmark?Remove?

Ken Fisher says no lay-offs despite withdrawals over his remarks

BOSTON (Reuters) – Fisher Investments founder Ken Fisher said there will be no lay-offs at his Washington state investment firm despite some $3 billion in withdrawals by pension funds and others over allegedly sexist remarks he made at an investor conference. ... More »

Bookmark?Remove?

Prologis to buy warehouse rival Liberty in $12.6 billion deal

(Reuters) – Warehouse giant Prologis Inc (PLD.N) said on Sunday it had agreed to acquire rival industrial real-estate business Liberty Property Trust (LPT.N) in a $12.6 billion deal to improve its U.S. presence amid the ecommerce boom. If approved, Prologis sa... More »

Bookmark?Remove?

After Ken Fisher no-show, LA pension system terminates his firm

BOSTON (Reuters) – The Los Angeles fire and police pension system voted to terminate Fisher Investments on Thursday over allegedly sexist comments made by founder Ken Fisher earlier this month. Five of the system’s nine commissioners voted during a webcast mee... More »

Bookmark?Remove?

UBS cutting up to 30 banking jobs in Asia Pacific: source

HONG KONG (Reuters) – UBS (UBSG.S) will cut up to 30 jobs in the major centres of Hong Kong, Singapore, Sydney and Tokyo after combining its global markets and banking businesses, a person with knowledge of the matter said. The job cuts at the Swiss bank start... More »

Bookmark?Remove?

Don’t be misled by Brexit jobs trickle – London finance chief

LONDON (Reuters) – Britain’s vast financial services industry will lose more jobs to Europe over the coming years because of Brexit, the City of London’s policy chief told Reuters, warning people not to be duped by the low number of job moves to the continent ... More »

Bookmark?Remove?

London retains global finance throne amid Brexit chaos

LONDON (Reuters) – From the pinnacle of the City of London’s largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit. The 76-year-old ... More »

Bookmark?Remove?

Facebook’s Libra announces board as support shrinks further

LONDON/SAN FRANCISCO (Reuters) – Backers of Facebook Inc’s (FB.O) Libra cryptocurrency project pledged to forge ahead after selecting a five-member board on Monday, shrugging off the latest member defection by online travel company Booking Holding earlier in t... More »

Bookmark?Remove?

Italy’s Del Vecchio calls on Mediobanca to grow through M&A

MILAN (Reuters) – Mediobanca’s third-biggest investor Leonardo Del Vecchio called for it to get bigger through acquisition on Friday, stepping up his questioning of the Italian merchant bank’s strategy. The 84-year-old billionaire bought a 7% stake in Medioban... More »

Bookmark?Remove?

Tesco Bank to appoint John Kingman as chairman: source

(Reuters) – Tesco’s (TSCO.L) financial arm intends to appoint John Kingman, the businessman who oversaw Britain’s bailout of its banks during the financial crisis, as its chairman, a source with knowledge of the matter told Reuters. Tesco Bank on Monday appoin... More »

Bookmark?Remove?

EU ready to act alone on digital tax if no global deal in 2020

BRUSSELS (Reuters) – European Union commissioners-designate said the bloc should agree on a digital tax if no deal on the matter was reached at a global level by the end of next year, ramping up pressure on multinationals accused of paying too little. In writt... More »

Bookmark?Remove?

France, Germany blast Facebook’s Libra, back public cryptocurrency

HELSINKI (Reuters) – France and Germany said on Friday that Facebook Inc’s (FB.O) Libra currency posed risks to the financial sector that could block its authorization in Europe, and backed the development of an alternative public cryptocurrency. The criticism... More »

Bookmark?Remove?

Investing green is all the rage, but benchmarks still hazy

SYDNEY (Reuters) – Global money managers and companies are rushing to meet a deadline to report on their carbon footprint, but the lack of a standard metric raises concerns their efforts could just be a box-ticking exercise in the transition from brown to gree... More »

Bookmark?Remove?

ECB’s tiered rate is cold comfort for euro zone banks

FRANKFURT (Reuters) – The European Central Bank is giving euro zone banks a small reprieve from a penalty charge on their idle cash but this is likely to prove too little, too late for a sector hurt by years of low interest rates. In its latest bid to shield t... More »

Bookmark?Remove?

Exclusive: Grab in talks to merge Indonesian payment firms to…

JAKARTA (Reuters) – SoftBank-backed ride hailer Grab is in talks to merge OVO, an Indonesian digital payments firm in which it owns shares, with an Ant Financial-backed local peer to build heft and power ahead of archrival Gojek, people familiar with the matte... More »

Bookmark?Remove?

Tearful Ma bids Alibaba farewell with rock star show

HANGZHOU, China (Reuters) – A tearful Jack Ma formally left Alibaba (BABA.N) on Tuesday, donning a guitar and a rock star wig at an event for thousands of employees of the e-commerce giant he founded 20 years ago in a small shared apartment in Hangzhou city in... More »

Bookmark?Remove?

Catastrophes set to drive 2020 reinsurance rates higher

LONDON (Reuters) – Big insurance losses from hurricanes, wildfires and other natural disasters over the past two years are set to push reinsurance renewal rates higher in January, ratings agencies said. After falling for several years due to competition and fe... More »

Bookmark?Remove?

British Conservative MPs warned against blocking no-deal Brexit -…

(Reuters) – Britain’s Conservative lawmakers have been warned by party officials that their party whip would be withdrawn if they attempt to block a no-deal Brexit, Sky News bit.ly/2HDgmeO reported on Sunday, citing a source. The lawmakers who have the whip wi... More »

Bookmark?Remove?

UBS hires former Credit Suisse star Khan as part of broader shakeup

ZURICH (Reuters) – Switzerland’s biggest bank UBS on Thursday appointed former Credit Suisse manager Iqbal Khan to co-lead its flagship wealth management business, as part of a broader shake-up of its executive board. The appointment of Khan alongside two inte... More »

Bookmark?Remove?

Iran has opportunity to come back into nuclear deal: UK’s Johnson

BIARRITZ, France (Reuters) – Iran has an opportunity to come back into compliance with the nuclear deal and resume dialogue about its nuclear activities, British Prime Minister Boris Johnson said on Monday. U.S. President Donald Trump said earlier he would mee... More »

Bookmark?Remove?

San Francisco crowdfunder Kiva sets up Sierra Leone credit database

(This August 21 story corrects to make clear Kiva a nonprofit organisation, not charity, paragraph 1.) By Cooper Inveen (Reuters) – Kiva, a San Francisco-based tech nonprofit organization, is using blockchain to create an online ID database in Sierra Leone all... More »

Bookmark?Remove?

Credit Suisse to shift focus from branches to digital banking

ZURICH (Reuters) – Credit Suisse (CSGN.S) said on Monday it would invest hundreds of millions of francs in digital services and other parts of its Swiss division by the end of 2021 and said it no longer needed a bigger branch network in its home market than it... More »

Bookmark?Remove?

U.S. money fund assets hit highest since October 2009: iMoneyNet

NEW YORK (Reuters) – U.S. money market funds amassed their highest level of assets since October 2009 as investors shift cash into low-risk products amid worries about a global economic slowdown and trade tensions, a private report released on Wednesday showed... More »

Bookmark?Remove?

BofA CEO Moynihan plays down fears of U.S. recession: CNBC

(Reuters) – Bank of America Corp (BAC.N) Chief Executive Officer Brian Moynihan on Wednesday played down fears of a potential U.S. recession, saying strong consumer spending could keep the economy growing. “The underlying consumer is doing well and making more... More »

Bookmark?Remove?

Recall UK parliament to tackle Brexit crisis, opposition Labour…

LONDON (Reuters) – Britain’s parliament needs to be recalled immediately to discuss Brexit, the opposition Labour Party’s finance spokesman John McDonnell said on Monday, after leaked official documents forecast possible food, fuel, and medicine shortages. Bri... More »

Bookmark?Remove?

Hawkish Norway to press on with rate hikes after August pause:…

OSLO (Reuters) – Norway’s central bank is expected to keep interest rates on hold on Aug. 15 while signaling that a hike will likely follow later this year amid solid growth, above-target inflation and currency weakness, a Reuters poll of economists showed. De... More »

Bookmark?Remove?

Goldman Sachs economists say fears rise that U.S.-China trade war…

(Reuters) – Goldman Sachs Group Inc (GS.N) said on Sunday that fears of the U.S.-China trade war leading to a recession are increasing and that Goldman no longer expects a trade deal between the world’s two largest economies before the 2020 U.S. presidential e... More »

Bookmark?Remove?

Sensor specialist AMS triggers bidding war for Germany’s Osram

VIENNA (Reuters) – Austrian sensor specialist AMS (AMS.S) triggered a bidding war for Osram (OSRn.DE) on Sunday, saying it was ready to pay $3.8 billion for the German lighting group’s shares, 10% more than finance investors Bain Capital and Carlyle (CG.O) hav... More »

Bookmark?Remove?

Investors embrace ESG investing but don’t target gun stocks

BOSTON (Reuters) – Two new BlackRock Inc funds that exclude gun makers are off to slow starts as socially-minded investors embrace other products addressing a wide range of issues like environmental and governance concerns, according to flow data at the world’... More »

Bookmark?Remove?

Manulife profit beats on strength in Asia unit

(Reuters) – Canada’s largest insurer insurer Manulife Financial Corp on Wednesday edged past estimates for second-quarter profit, helped by strength in Asia unit, its biggest. Insurers in Canada have been increasingly pivoting toward Asia for growth, looking t... More »

Bookmark?Remove?

Wells Fargo hires Comerica’s Julia Wellborn to lead private bank

(Reuters) – Wells Fargo & Co said on Wednesday Julia Wellborn will become the head of Private Wealth Management, ending a months-long search for a leader following the retirement of Jay Welker last year. Wellborn joins Wells Fargo from Comerica Bank where she ... More »

Bookmark?Remove?

Bitcoin drops more than 10% as scrutiny of cryptocurrencies grows

LONDON (Reuters) – Bitcoin slumped more than 10% over the weekend to a two-week low as fears of a crackdown of cryptocurrencies grew on mounting scrutiny of Facebook’s planned Libra digital coin. Bitcoin fell 11.1% from Friday to $9,855 early on Monday, its lo... More »

Bookmark?Remove?

Hold the beers: Budweiser APAC IPO hit by investor push-back

HONG KONG/NEW YORK/BRUSSELS (Reuters) – Scepticism over AB InBev’s high valuations doomed Budweiser APAC’s IPO of up to $9.8 billion – poised to be the world’s biggest this year – investors and bankers said, putting would-be floats on notice that careful prici... More »

Bookmark?Remove?

UK banks say business investment slowing further ahead of Brexit

LONDON (Reuters) – Britain’s major banks have seen a growing number of business customers delay decisions on investments and borrowing in recent weeks, as the probability of a disorderly exit from the European Union inches higher. Britain’s banks have largely ... More »

Bookmark?Remove?

U.S. proposes barring big tech companies from offering financial…

(Reuters) – A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a ... More »

Bookmark?Remove?

Elliott outspends rivals as corporate activism turns to Germany

FRANKFURT/BOSTON (Reuters) – Elliott Management Corp has invested more than rivals in its push for corporate change so far this year and there has been an increasing focus among activist investors on German companies. Elliott, Paul Singer’s $35 billion hedge f... More »

Bookmark?Remove?

Deutsche Bank shares rise after shake-up to cut 18,000 jobs

FRANKFURT/SYDNEY/HONG KONG (Reuters) – Deutsche Bank (DBKGn.DE) shares rose on Monday as it launched one of the biggest overhauls of its investment bank since the financial crisis by cutting 18,000 jobs around the world, starting the day with cuts in Asia. The... More »

Bookmark?Remove?

U.S. Fed easing could prompt first China rate cut in four years -…

SHANGHAI (Reuters) – China’s central bank could cut its benchmark policy rate for the first time in four years if the U.S. Federal Reserve delivers a widely expected cut in late July, analysts say, as Chinese policymakers step up support for the slowing econom... More »

Bookmark?Remove?

Swiss Bank Julius Baer appoints insider Rickenbacher as CEO

ZURICH (Reuters) – Julius Baer (BAER.S) has appointed Philipp Rickenbacher as its new chief executive officer, the Swiss private bank said on Monday, opting for a company insider to drive the wealth manager’s future growth. His appointment is the latest leader... More »

Bookmark?Remove?

Reinsurance hedge fund Tangency Capital raises further $165 million

LONDON (Reuters) – Hedge fund Tangency Capital has raised a further $165 million to invest in the property reinsurance market, bringing its size to $265 million as the hurricane season gets under way, one of its co-founders told Reuters on Wednesday. Insured l... More »

Bookmark?Remove?

UniCredit says it will stick to organic growth, mergers difficult

MILAN (Reuters) – Italy’s biggest lender, UniCredit (CRDI.MI), will stick to organic growth in its new business plan, Chief Executive Jean Pierre Mustier said in an interview published in La Stampa newspaper on Monday, saying European mergers were difficult. “... More »

Bookmark?Remove?

World’s central banks tackle technology with innovation hub

ZURICH (Reuters) – Central banks grappling with fast-changing financial technology and companies like Facebook (FB.O) moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settleme... More »

Bookmark?Remove?

Bulgaria hopes to join euro zone ‘waiting room’ by year-end

SOFIA (Reuters) – Bulgaria hopes to join the precursor to euro zone membership, the ERM-2 exchange rate mechanism before year-end, Finance Minister Vladislav Goranov said on Wednesday, pushing back Sofia’s initial target of joining this summer. The Balkan coun... More »

Bookmark?Remove?

BofA commodity arm fined by DOJ for trading practices

(Reuters) – Bank of America Corp’s commodity arm Merrill Lynch Commodities Inc has agreed to pay $25 million to resolve a probe into its trading practices, the U.S. Department of Justice said on Tuesday. Between 2008 and 2014, traders employed by Merrill Lynch... More »

Bookmark?Remove?

HSBC-backed startup aims to become LinkedIn of global trade

HONG KONG (Reuters) – In a first of its kind initiative, HSBC Holdings Plc is backing the launch of a technology startup that aims to connect small-and-medium-sized manufacturers with component suppliers in different parts of the world as part of its trade ban... More »

Bookmark?Remove?

Velodyne Lidar hires bankers for an IPO: Business Insider

(Reuters) – Autonomous vehicle technology company Velodyne Lidar has hired bankers for an initial public offering, Business Insider reported on Saturday, citing sources familiar with the process. The San Jose, California-based company is working with Bank of A... More »

Bookmark?Remove?

Creval says to spin off bad loans, triple net profit by 2021

MILAN (Reuters) – Italian mid-sized lender Creval said on Tuesday it would spin off its bad debts into a separate unit and sell half of them, in order to roughly halve its gross soured loan ratio to below 6.5% in 2023. Presenting a five-year business plan unde... More »

Bookmark?Remove?

Canada backs startup to boost data on space debris

PARIS (Reuters) – The Canadian government’s contracting arm is backing a proposed new satellite system that will use big data analytics to provide commercially available data about the Earth and its orbit amid growing concerns about the risks posed by space de... More »

Bookmark?Remove?

Australian regulator slaps stricter conditions on AMP’s pension…

SYDNEY (Reuters) – Australia’s banking watchdog on Friday said it had imposed stricter licensing conditions on AMP Ltd’s pension fund units following concerns regarding its compliance with superannuation laws, sending its shares down more than 4%. The move com... More »

Bookmark?Remove?

Nissan sees conflict of interest if Renault director joins reform…

PARIS (Reuters) – Nissan Motor Co believes that attempts by Renault SA to place one of its directors on Nissan’s planned governance reform committees may lead to a conflict of interest, a source with knowledge of the issue told Reuters on Monday. Renault, whic... More »

Bookmark?Remove?

Mnuchin says Trump could ease up on Huawei if trade talks advance

(Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Sunday that President Donald Trump might ease U.S. restrictions on Huawei if there was progress in the trade row with China – but absent a deal, Washington would maintain tariffs to cut its deficit. “I... More »