India’s Bharti Enterprises said it would acquire a 24.5% stake in BT (BT.L), opens new tab, worth 3.2 billion pounds ($4 billion), to buy out the British company’s top investor Patrick Drahi as his Altice group speeds up asset sales to cut its debt burden. The move by Bharti’s billionaire founder, Sunil Bharti Mittal, makes one […]
Systematic trading strategies including those run by hedge funds continue to dump trades, adding to about $109 billion of global equity futures sold in the past month, Goldman Sachs strategist Scott Rubner said in a note seen by Reuters on Tuesday. Selling will likely continue into the autumn, and the second half of September might […]
Troubled Chinese developers Kaisa Group and Times China Holdings, which defaulted on a combined US$15 billion of offshore debts, have been granted more time to negotiate with creditors as the city’s High Court on Monday ordered adjournments in their winding-up hearings. Shenzhen-based Kaisa Group got a four-week reprieve after Justice Anthony Chan adjourned the case […]
The artificial intelligence (AI) industry in China’s southern Guangdong province grew to 180 billion yuan (US$25 billion) in 2023, according to state media, as the country’s manufacturing hub plays catch-up with Beijing and Shanghai in the highly competitive space. Much of the AI output growth is being driving by Shenzhen, the technology hub that borders Hong Kong, […]
Investment bankers working on debt underwriting may see bonuses climb by 25% to 35% this year, and bankers handling initial public offerings could see a 20% to 30% jump in 2024, Johnson Associates, a Wall Street compensation analysis firm said in a report. Strong growth in debt issuance, and IPO activity that has already raised […]
Britain’s largest investment platform Hargreaves Lansdown (HRGV.L), opens new tab on Friday agreed to a 5.4 billion pound ($6.9 billion) takeover by an international consortium, which is betting on grabbing market share in the competitive UK wealth market. The deal is the second largest by value struck this year by a London-listed company and is the latest […]
Regulators are investigating some of the biggest U.S. banks for their handling of customer funds on the peer-to-peer payments platform Zelle, which has been facing scrutiny over scams and fraudulent transactions. The Consumer Financial Protection Bureau probe focuses on JPMorgan JPM 0.03%increase; green up pointing triangle Chase, Bank of America BAC 1.03%increase; green up pointing triangle and Wells Fargo WFC -0.13%decrease; red down pointing triangle, among […]
The Biden administration said on Tuesday it is investing $2.2 billion to revamp the nation’s power grid to protect it against growing threats of extreme weather events. The U.S. government has been working to overhaul the country’s electric transmission system, which is under pressure from extreme weather conditions, as well as a growing number of power-hungry data […]
Adani Enterprises Ltd (ADEL.NS), opens new tab is likely to launch a $1 billion share sale by mid-September, three sources with direct knowledge of the matter told Reuters, in the latest attempt by Indian billionaire Gautam Adani to restore his empire’s fortunes. The share sale will be the second by an Adani group company this year after […]
HSBC Holdings (HSBA.L), opens new tab announced a $3 billion share buyback and upgraded its income outlook on Wednesday, as the bank showed progress in its efforts to shield its business from global interest rate cuts that may hit lending revenue. The lender’s shares rose 4% in London as investors cheered its stable first-half profit growth, gains […]