SINGAPORE/AMSTERDAM (Reuters) – Low yields at home are sending some previously shy European investors into Asia’s credit markets, money managers say, lured by the promise of higher returns and a hope that rebounding economies can hold defaults at bay. Unlike i... More »
TEGUCIGALPA (Reuters) – The Central American Bank for Economic Integration (CABEI) has approved a $400 million loan to seven regional nations and the Dominican Republic for the acquisition and distribution of a coronavirus vaccine, the bank said in a statement... More »
FRANKFURT (Reuters) – Euro zone companies continued to tap bank credit at a brisk pace in June even as the economy reopened after three months of coronavirus-related lockdown, data from the European Central Bank showed on Monday. Lending to non-financial corpo... More »
BRUSSELS (Reuters) – Signs emerged that leaders of northern European Union countries were willing to compromise on a 1.8 trillion euro ($2 trillion) coronavirus stimulus plan on Monday as talks in Brussels extended to a fourth day. Divided and slow to respond ... More »
LONDON (Reuters) – EU leaders reported some progress on Monday after three days of haggling over a coronavirus stimulus plan, sending the euro to a four-month high and Italy’s borrowing costs to lows not seen since March. An attempt to reach a compromise faile... More »
MUMBAI/BENGALURU (Reuters) – India’s Infrastructure Leasing & Financial Services (IL&FS) said on Monday it expected to resolve about 57% of its near trillion rupee ($13.35 billion) debt pile even as the pandemic delayed the resolution process in some of the gr... More »
(Reuters) – Several Silicon Valley firms backed by venture capitalists were unsure over whether to apply for a U.S. pandemic aid program, but data analyzed by CB Insights shows a big chunk of companies that raised funds this year also applied for the aid. Some... More »
WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau on Tuesday issued its long-awaited payday lending measure that rescinds an Obama-era proposal requiring lenders first ensure a borrower is able to repay them. Consumer advocates blasted the m... More »
ATHENS (Reuters) – Greece’s National Bank (NBG) has hired Morgan Stanley as an adviser ahead of a planned sale of more than 6.0 billion euros ($6.73 billion) of non-performing credit, part of its balance sheet clean-up efforts, bankers close to the transaction... More »
VIENNA (Reuters) – An Austrian lawyer has filed a criminal complaint against Wirecard’s (WDIG.DE) former Chief Executive Markus Braun and Chief Operating Officer Jan Marsalek at a court in Vienna, accusing them of market manipulation and serious fraud. The Vie... More »
FRANKFURT (Reuters) – German regulators twice looked into tightening the supervision of collapsed payments firm Wirecard and discussed it with the German and European central banks but no action was taken, a person with direct knowledge of the talks told Reute... More »
MANILA (Reuters) – Bank of the Philippine Islands Chief Executive Cezar Consing said it was clear that a certificate purporting to be for a Wirecard deposit was “spurious” and reiterated that no cash from the German payments firm had entered the bank. Wirecard... More »
NEW YORK (Reuters) – The Federal Reserve said on Monday it had opened registration for lenders interested in participating in its Main Street Lending Program, launching arguably the most complex program undertaken yet by the U.S. central bank to help keep the ... More »
WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Monday he would talk to Congress about proper oversight of $660 billion in small business economic relief, after previously resisting calls to reveal who received the funds. Mnuchin tweeted ... More »
(Reuters) – Goldman Sachs Group Inc (GS.N) on Monday pledged an additional $250 million to fund the federal aid program to help businesses hurt by the COVID-19 pandemic. The addition will take the bank’s total commitments to $775 million. The Paycheck Protecti... More »
LONDON (Reuters) – British businesses have borrowed nearly 35 billion pounds ($44 billion) under three emergency credit programmes for companies hit by the coronavirus crisis with demand strongest for a 100% state-backed scheme for the smallest firms. After a ... More »
MILAN (Reuters) – The auto industry represents a significant share of Italy’s economy and it is right to support those who create jobs, Deputy Economy Minister Laura Castelli said when asked about Fiat Chrysler’s (FCHA.MI) request for state-backed loans. The I... More »
SHANGHAI (Reuters) – China is expected to stand pat on its benchmark lending rate on Wednesday, after the central bank kept medium-term funding cost for financial institutions steady last week, a Reuters survey of traders and analysts found. Thirty-four respon... More »
WASHINGTON (Reuters) – The U.S. government’s handling of its massive economic response to the coronavirus pandemic will come under scrutiny on Tuesday as Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify before the Senate Bankin... More »
FRANKFURT/DUESSELDORF, Germany (Reuters) – German conglomerate Thyssenkrupp (TKAG.DE) on Tuesday warned its operating loss could swell to 1 billion euros ($1.1 billion) in the current quarter citing the coronavirus pandemic. The group, whose operations range f... More »
LONDON (Reuters) – Like the myriad approaches governments are taking to tackle the coronavirus crisis, the way the world’s top banks are calculating their potential losses also differs widely, with puzzling outcomes for investors. These discrepancies are roote... More »
OSLO (Reuters) – Norwegian Air (NWC.OL) shareholders backed its financial survival plan on Monday, with more than 95% of votes cast supporting the conversion of nearly $1 billion of debt into equity and raising more cash from its owners. The approval follows w... More »
SHANGHAI (Reuters) – Luckin Coffee (LK.O) said on Monday China’s State Administration for Market Regulation was carrying out work to understand the coffee chain’s operating situation and added that it was actively cooperating. It also said in a statement poste... More »
(Reuters) – Holiday Inn-owner InterContinental Hotels (IHG.L) said on Monday it had raised 600 million pounds ($747 million) from Bank of England loans under the government’s coronavirus aid scheme as it estimated a 25% plunge in global revenue per available r... More »
FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) has declined a request by prominent U.S. senators to provide information about the German lender’s recent business dealings with U.S. President Donald Trump and his family, according to a letter this week seen by ... More »
WASHINGTON (Reuters) – Two senior U.S. House Democrats on Friday asked the U.S. Treasury and Federal Reserve to direct at least $5 billion in loans to struggling intercity bus companies because of the coronavirus pandemic. House Ways and Means Committee Chairm... More »
WASHINGTON (Reuters) – U.S. Democrats and Republicans are near agreement on extra money to help small businesses hurt by the coronavirus pandemic and could seal a deal as early as Monday, President Donald Trump said on Sunday. Trump told his daily White House ... More »
(Reuters) – Democratic presidential candidate Joe Biden on Thursday proposed expanding access to Medicare and forgiving some student debt in new overtures to supporters of onetime rival Bernie Sanders. Biden, who became Democrats’ presumptive nominee when Sand... More »
BRUSSELS (Reuters) – The European Central Bank told euro zone finance ministers that the bloc may need fiscal measures worth up to 1.5 trillion euros ($1.6 trillion) this year to tackle the economic crisis caused by the COVID-19 epidemic, officials told Reuter... More »
(Reuters) – British aero-engine maker Rolls-Royce (RR.L) will abandon its targets on profits, cash and deliveries, and suspend its dividend, as airlines around the world ground planes due to the coronavirus outbreak, the Financial Times reported late on Sunday... More »
WASHINGTON (Reuters) – U.S. President Donald Trump said on Saturday he would ask Congress for more money to make loans to small businesses struggling with the economic fallout from the coronavirus outbreak if the original $349 billion allocated in a fiscal sti... More »
BRUSSELS (Reuters) – With the euro zone economy in need of help from the coronavirus pandemic, officials have until April 9 to design a package that satisfies members with completely opposing views: those calling for joint debt issuance and those fiercely agai... More »
SHANGHAI (Reuters) – China’s central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Monday, the largest in nearly five years, as authorities ramped up steps to relieve pressure on an economy ravaged by the coronavirus pan... More »
NEW YORK/LOS ANGELES (Reuters) – Some Amazon sellers say the online retailer’s abrupt decision to stop receiving non-essential inventory in response to the coronavirus pandemic could strangle the sales they need to make payments on their Amazon loans. The chal... More »
(Reuters) – Royal Bank of Canada plans to open a consumer bank in the United States early next year targeting wealthy clients, with the aim of expanding deposits, its chief financial officer told Reuters on Friday after the bank posted first-quarter profit tha... More »
BEIJING (Reuters) – Chinese firms implemented 1.4 trillion yuan ($203 billion) in debt-to-equity swaps and disposed of 2 trillion yuan in soured debt last year as they moved to allay financial risk, the country’s banking and insurance regulator said on Monday.... More »
TOKYO (Reuters) – SoftBank Group Corp’s talks to secure $3 billion from Japan’s three biggest banks have stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.5 billion rescue package for WeWork. The Japanese t... More »
MILAN (Reuters) – The Bank of Italy “positively” fulfilled its supervision duties and is ready to account for its actions on failing lender Banca Popolare di Bari, Governor Ignazio Visco told Corriere della Sera daily in an interview published on Monday. Prose... More »
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 »
ISTANBUL (Reuters) – Istanbul has secured 110 million euros ($121 million) of financing from Deutsche Bank (DBKGn.DE) for an underground transport project, the mayor of the Turkish city said on Sunday. Speaking at a news conference, Ekrem Imamoglu gave no furt... More »
SHANGHAI (Reuters) – China’s central bank unexpectedly trimmed a closely watched lending rate on Monday, the first such cut in more than four years and a signal to markets that policymakers are ready to act to prop up slowing growth. The People’s Bank of China... More »
ANKARA (Reuters) – Turkey said on Monday it had deported two Islamic State militants — a German and an American — beginning a programme to repatriate fighters that has caused friction with its NATO allies since it launched an offensive in northern Syria. Allie... More »
BEIJING (Reuters) – New bank loans in China fell more than expected to the lowest in 22 months in October, but the drop was likely due to seasonal factors and policymakers are still expected to ramp up support for the cooling economy in coming months. Chinese ... More »
NEW YORK (Reuters) – The largest banking lenders to the oil and gas sector are becoming more cautious, marking down their expectations for oil and gas prices that underpin loans in a move expected to put further financial stress on struggling producers, indust... More »
SHANGHAI (Reuters) – China on Monday unexpectedly kept unchanged its new benchmark lending rate, suggesting Beijing is keen to avoid overly loosening monetary policy for fear it may push up already-high debt levels across the economy. The one-year Loan Prime R... More »
WASHINGTON (Reuters) – China’s top central banker said on Saturday that potential escalation of trade tensions and policy uncertainty were the major risk factors facing the world economy, and market forces were keeping China’s yuan at an appropriate level. Yi ... More »
LONDON (Reuters) – Britain’s markets watchdog has proposed banning auto dealers and brokers from receiving commission linked to interest rates on loans used to finance car purchases, a step it said would save consumers 165 million pounds ($208.4 million) annua... More »
(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 »
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 »
FRANKFURT (Reuters) – The European Central Bank approved a fresh stimulus package as expected on Thursday, cutting interest rates and approving a new round of bond purchases to prop up euro zone growth and halt a worrisome drop in inflation expectations. The E... More »
LONDON (Reuters) – With banks’ bond trading desks increasingly going electronic, another of the last bastions of old-school banking – the business of helping companies and countries raise capital – may be about to succumb to the tide of technology. A clutch of... More »
BEIJING/SHANGHAI (Reuters) – China’s announcement of key interest rate reforms over the weekend has fueled expectations of an imminent reduction in corporate borrowing costs in the struggling economy, boosting share prices on Monday. The People’s Bank of China... More »
LONDON, (Reuters) – Britain’s housing market picked up modestly in June with a stronger-than-expected rise in mortgage approvals, but consumer lending growth slowed to a fresh five-year low, Bank of England figures showed on Monday. Brexit worries have weighed... More »
BRUSSELS (Reuters) – The European Commission lowered its estimates on Wednesday for euro zone growth and inflation, saying uncertainty over U.S. trade policy posed a major risk to the bloc. In its quarterly economic forecasts, the European Union’s executive ar... More »
BRUSSELS (Reuters) – Croatia has submitted a formal bid to join the European Exchange Rate Mechanism (ERM-2), an early stage on the path to membership of the euro currency, the head of the Eurogroup of euro zone finance ministers said on Monday. The move could... More »
(Reuters) – Shared office space manager WeWork Cos is looking to raise $3 billion to $4 billion in debt before it goes public, a person familiar with the matter said on Sunday, a move aimed to fuel investor confidence in the company. The potential debt offerin... More »
LONDON (Reuters) – Britain’s finance ministry said on Monday it would look at whether the regulation regime around mini-bond investments, used to raise funds for small businesses, is up to scratch following the collapse of investment firm London Capital & Fina... More »
LONDON (Reuters) – Investment banks are beefing up trading teams in markets such as gas, metals and carbon permits that are flourishing as businesses and economies become greener, according to recruitment consultants. The shift in staffing at the world’s bigge... More »
BEIJING (Reuters) – China’s central bank said on Monday it will cut reserve requirement ratios (RRRs) to release about 280 billion yuan ($41 billion) for some small and medium-sized banks, in a targeted move to help companies struggling amid an economic slowdo... More »
BEIJING (Reuters) – Guangdong, China’s top province by economic output, maintained a growth rate of 6.6 percent in the first quarter thanks to improving industrial production and infrastructure spending, the 21st Century Business Herald reported, citing local ... More »
FRANKFURT (Reuters) – The European Central Bank changed tack on its tightening plan on Thursday, pushing out the timing of its first post-crisis rate hike until 2020 at the earliest and offering banks a new round of cheap loans to help revive the euro zone eco... More »
FRANKFURT (Reuters) – The European Central Bank is expected to give banks fresh long-term loans known as TLTROs to keep credit flowing to companies in the euro zone, in the hope that an already marked economic downturn will not be exacerbated by a sudden crunc... More »
(Corrects Feb. 20 story to remove incorrect reference to sale of loans by Varde and Oakhill) By Jonathan Saul and Maiya Keidan LONDON (Reuters) – A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking... More »
(Reuters) – Investment bank Perella Weinberg Partners plans to name Peter Weinberg as its chief executive officer with current CEO Robert Steel set to become the company’s chairman, a person familiar with the matter told Reuters on Thursday. Weinberg founded t... More »
NEW DELHI (Reuters) – India’s Prime Minister Narendra Modi is considering three options for a relief package to help farmers suffering because of low crop prices at a cost of as much as 3 trillion rupees ($42.82 billion), according to three government sources.... More »
NEW YORK (Reuters) – Investors fled U.S.-based stock funds in the latest week, setting those investments up for their biggest month of withdrawals on record, Lipper data showed on Thursday. More than $80.7 billion poured out of U.S.-based stock funds during th... More »
NEW YORK (Reuters) – Americans’ demand for credit declined over the previous year as expected, as mortgage interest rates rose, while the percentage of approved applications also ticked lower compared to a year ago, a survey from the New York Federal Reserve s... More »
NEW YORK (Reuters) – U.S. mutual fund investors pulled $13.7 billion from stocks and bonds during the latest week, according to data released on Thursday by Lipper underscoring retail investors’ rising concerns over turbulent markets. After a sprinting start t... More »
NEW YORK (LPC) – The U.S. leveraged loan market appeared to shrug off protests at the center of a national immigration debate that saw illegal immigrants separated from their children as advocates take aim at banks financing companies that run detention center... More »
BEIJING (Reuters) – Chinese President Xi Jinping on Tuesday pledged a package of $20 billion in loans, and about $106 million in financial aid, to Middle East nations, as part of what he called an “oil and gas plus” model to revive economic growth in the regio... More »
JERUSALEM (Reuters) – Israel’s Together Pharma said on Tuesday it will set up a new company with Premier Dead Sea to sell cosmetics based on cannabis and Dead Sea minerals. The firm said the products would be based on CBD, or Cannabidiol — a constitute of the ... More »
PARIS (Reuters) – Societe Generale (SOGN.PA) will buy Commerzbank’s (CBKG.DE) derivatives and asset management businesses in a move the French bank said will boost its Lyxor funds division and raise its profile in Germany, the euro zone’s biggest economy. Stil... More »
(This version of the story corrects end-March soured loan level to 20.5 percent (not 24.6 pct) in para. 10) MILAN (Reuters) – Italy’s third largest bank, Banco BPM, is looking to sell part of its debt servicing unit as it strives to meet its bad-loan reduction... More »
(This May 25 story corrects first name of Capital Markets Authority CEO to Paul, not Peter, paragraph 29) By Maggie Fick and Omar Mohammed NAIROBI (Reuters) – Kenya built a reputation as a pioneer of financial inclusion through its early adoption of a mobile m... More »
MILAN (Reuters) – Italy must present the European Commission with a plan for its exit from lender Monte dei Paschi (BMPS.MI) by 2019, Chief Executive Marco Morelli told daily Corriere della Sera. Last year, the Commission and Italy reached a pact on a state ba... More »
SYDNEY (Reuters) – Damaging revelations of widespread misconduct in Australia’s banking sector could hurt house price growth and household spending, the country’s central bank said on Tuesday in a fresh signal that rates will stay at record lows for some time.... More »
WILMINGTON, Del. (Reuters) – Bank of America said on Thursday it was standing by its pledge to stop financing civilian assault weapons and suggested it may be preparing to exit a loan for gun maker Remington Outdoor Corp that sparked criticism of the lender. T... More »
FRANKFURT (Reuters) – Lending to euro zone households and companies accelerated in March while a broader indicator of money circulating in the currency bloc, which often foreshadows future activity, slowed sharply, data from the European Central Bank showed on... More »
(Reuters) – China’s Baidu Inc said it will sell a majority stake in its financial services business for about $1.9 billion to a consortium led by TPG Capital Management LP [TPG.UL] and Carlyle Group LP, as it seeks funding to take on established fintech firms ... More »
BEIJING (Reuters) – China will strive hard to achieve this year’s economic targets, the politburo, a top decision-making body of the ruling Communist Party said on Monday, according to state media. China still faces many difficulties in fighting what the gover... More »
NEW YORK (Reuters) – Investors stormed back into the market for the riskiest corporate debt during the latest week, Lipper data showed on Thursday, pumping the most cash into U.S.-based, high-yield bond funds in over 16 months. The resurgence in demand for hig... More »
(Reuters) – Bank of America (BAC.N) reported a 34 percent rise in first-quarter profit on Monday, topping Wall Street estimates, as the lender benefited from higher interest rates and growth in loans and deposits. Revenue rose at three of BofA’s four major bus... More »
BOAO/BEIJING, China (Reuters) – Chinese President Xi Jinping on Tuesday promised to open the country’s economy further and lower import tariffs on products including cars, in a speech seen as an attempt to defuse an escalating trade dispute with the United Sta... More »
KIEV (Reuters) – Ukraine’s largest bank, PrivatBank, said on Monday it had filed a $3 billion lawsuit against the Ukrainian and Cypriot subsidiaries of international accounting firm PwC for alleged breaches during audits of the lender in 2013-2015. It is the l... More »
MUMBAI (Reuters) – More Indian companies are likely to default on their borrowings in the fiscal year that started in April compared with the previous year on higher interest costs and a deterioration in business conditions, according to rating agency ICRA. Th... More »
BENGALURU (Reuters) – Shares of ICICI Bank, India’s third-largest lender, plunged 7 percent to a five-month low on Monday after media reported its lending practices were the subject of a police investigation. ICICI Bank’s shares were down 6.3 percent at 260.75... More »
NEW YORK (Reuters) – U.S. fund investors drained the most cash from the stock market since early February’s market meltdown, dodging declines while making a tactical bet on fallen technology companies, Lipper data released on Thursday showed. More than $14 bil... More »
BEIJING (Reuters) – China’s banking regulator said on Monday it will broaden tools for commercial banks to replenish their capital to boost their ability to support economic growth. The China Banking Regulatory Commission (CBRC) is amending rules for commercia... More »
FILE PHOTO: A CEFC logo is seen at CEFC China Energy’s Shanghai headquarter in Shanghai, China September 14, 2016. REUTERS/Aizhu Chen/File Photo HONG KONG/SHANGHAI (Reuters) – CEFC China Energy, the once-acquisitive conglomerate, was prepared to pay annual rat... More »
FILE PHOTO – The Uber logo is seen on a screen in Singapore August 4, 2017. REUTERS/Thomas White/File Picture NEW YORK (IFR) – Uber is bringing its disruptive force to the leveraged loan market, approaching institutional investors directly on a new debt sale. ... More »
NEW YORK (Reuters) – U.S. fund investors pulled $9.8 billion from stocks during the latest week, Lipper data showed on Thursday, halting the investments’ budding momentum after February’s selloff. The withdrawals, recorded during the seven days through March 7... More »
Chinese Premier Li Keqiang claps hands as he delivers his speech during the opening session of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, China March 5, 2018. REUTERS/Damir Sagolj BEIJING (Reuters) – China aims to expand i... More »
BEIJING (Reuters) – China has no intention of joining the international tax cut race, head of the government’s state council research office said on Monday, even as Beijing rolled out fresh tax cuts worth more than 800 billion yuan (91.6 billion pounds) for 20... More »
China opposes protectionism and supports the settlement of trade disputes through negotiation, but will "resolutely safeguard" its legitimate rights and interest, Premier Li Keqiang said in a government work report on Monday.President Donald Trump announced la... More »
NEW YORK (Reuters) – U.S. fund investors inched back in to the markets during the most recent week, putting $2.5 billion into bonds and $1.1 billion into stocks, Lipper data showed on Thursday. Yet wounded investors were reluctant to wade back in to their home... More »
FILE PHOTO: Pedestrians are reflected on Mizuho Bank’s signboard in Tokyo, Japan, January 25, 2017. Picture taken January 25, 2017. REUTERS/Kim Kyung-Hoon/File Photo TOKYO (Reuters) – Japan’s Mizuho Financial Group Inc (8411.T) sees a pickup in overseas lendin... More »
People stand in front of the logo of Punjab National Bank outside a branch of the bank in New Delhi, India February 15, 2018. REUTERS/Adnan Abidi NEW DELHI/MUMBAI (Reuters) – Indian investigators raided the offices of jewelry retailer Gitanjali on Friday in a ... More »
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid NEW YORK (Reuters) – U.S. fund investors sucked $23.9 billion out of the stock market during the latest week, marking the largest wit... More »
A realtor and bank-owned sign is displayed near a house for sale in Phoenix, Arizona, January 4, 2011. REUTERS/Joshua Lott CHICAGO (Reuters) – Foreclosure is a frightening word – especially if the person losing her home is a senior living on a modest, fixed in... More »
NEW YORK (Reuters) – U.S. technology stock funds took in more cash in the week ended Jan. 24 than in any week since the turn-of-the-century bubble, Lipper said on Thursday, offering further evidence that investors’ wariness about markets has given way to exube... More »
