Bank of Singapore, the private banking unit of Oversea-Chinese Banking Corp (OCBC), is expanding its family office business in Hong Kong, as it is bullish about its growth prospects in the city and mainland China. It has increased its headcount, mainly relationship managers and senior bankers, by 15 per cent in mainland China, Hong Kong, Macau and […]
NEW YORK, May 22 (Reuters) – The U.S. Commodity Futures Trading Commission is expected as soon as Wednesday to announce a $100 million settlement with JPMorgan Chase & Co (JPM.N), opens new tab over trade reporting lapses, a source with direct knowledge of the matter told Reuters. The same source said that the bank has also agreed […]
Singapore’s central bank is stepping up a green finance collaboration with its counterpart in China, it said Tuesday, as it separately announced plans to sell up to US$1.9 billion of sovereign bonds to fund environmental projects. The Monetary Authority of Singapore said the initiatives discussed at the latest meeting with the People’s Bank of China […]
MILAN, May 22 (Reuters) – UniCredit (CRDI.MI), opens new tab studies every possible acquisition target for the bank, Chief Executive Andrea Orcel told the Financial Times in an interview, ruling out interest in Societe Generale (SOGN.PA), opens new tab. Citing people with knowledge of its Russia exposure, the newspaper also reported that UniCredit would book provisions for potential […]
U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing US$100 million in financing commitments from its existing lenders, the company said on Sunday. The company listed its assets and liabilities to be between US$1 billion and US$10 billion, according to a court filing. Red Lobster said its restaurants […]
May 22 (Reuters) – Admiral Acquisition (ADMR.L), opens new tab will buy North American engineering and lab-testing services provider Acuren in a $1.85 billion deal, the blank-check company co-founded by dealmaker Martin E. Franklin said on Wednesday. The deal, which is expected to close in the third quarter of 2024, will also see Admiral move its listing […]
While the resumption of China’s central bank’s treasury-bond trade has stirred fierce debate over Beijing’s leaning towards quantitative easing, a prominent researcher affiliated with the Ministry of Finance has called for purchases in the primary market to foster better alignment of fiscal and monetary policies. “We must liberate our minds in terms of operating restrictions […]
NEW YORK, May 20 (Reuters) – BlackRock (BLK.N), opens new tab was sued for $20 million by a whistleblowing former vice president who said it fired him after he objected to a colleague’s self-dealing, and was forced to shut down a search engine for monitoring client discussions about illegal investments, including in China. In a complaint on […]
MADRID, May 21 (Reuters) – Spanish holding company Criteria plans to raise its stake in Telefonica (TEF.MC), opens new tab to 10%, matching the government’s recently acquired stake in the telecoms company, news website El Confidencial reported on Tuesday, citing unidentified sources. Criteria, which is Caixabank’s (CABK.MC), opens new tab largest shareholder with a stake of more than 30%, […]
TORONTO, May 21 (Reuters) – Canadian banks are expected to set aside money for challenging days, which will hurt quarterly earnings, as investors await commentary on how the lenders will navigate a prolonged high interest-rate environment that has dented credit growth. The big six banks, which control about 90% of the total banking assets in […]