Banking News

Phillips 66 has shipped crude oil from Texas to the U.S. East Coast on a foreign-flagged tanker, the first such cargo since Washington waived the Jones Act last month, Kpler ship-tracking data shows. The Bakken crude was loaded in early April at a Phillips 66 terminal in Beaumont, Texas, onto the Malta-flagged Htm Warrior. The […]

Indian refiners that have bought Iranian crude under the one-month U.S. waiver on Iran’s oil on tankers are settling the purchases in Chinese yuan via the Shanghai office of India’s ICICI Bank, reported on Friday, quoting multiple sources familiar with the deals. After initial hesitancy following the temporary U.S. waiver on purchases of Iranian crude loaded […]

Data from the Central Bank of Nigeria showed that exports totalled 31.31 million barrels in January and 24.08 million barrels in February. Average daily production stood at 1.46 million barrels in January and 1.31 million barrels in February, while export levels averaged 1.01 million barrels per day and 0.86 million barrels per day, respectively. Overall […]

Gautam Adani has overtaken Mukesh Ambani to become Asia’s richest person, according to the latest data from the Bloomberg Billionaires Index. As per the rankings released on Friday, Gautam Adani, founder and chairman of the Adani Group, now ranks 19th globally with a net worth of $92.6 billion. In comparison, Mukesh Ambani, chairman of Reliance […]

Damage caused to energy infrastructure in Gulf states would cost $58 billion to repair, Rystad Energy estimated this week, suggesting the fallout of the war between the U.S. and Israel, and Iran is more severe than futures market-focused observers would assume, because just two weeks ago, Rystad had calculated the damage at less than half that amount. […]

Spanish energy company Repsol confirmed that it is regaining operational control of its oil assets in Venezuela after reaching an agreement with the country’s government and state oil company PDVSA. The deal is expected to include a mechanism to secure payments through oil shipments and could enable Repsol to significantly expand output, including plans to […]

President Donald Trump’s administration plans to launch next Monday the system it will use for issuing refunds to American importers for US$166 billion (HK$1.3 trillion) the companies paid in tariffs that the US Supreme Court struck down in February as unlawful. US Customs and Border Protection said in a court filing on Tuesday that it […]

Japan has pledged to provide $10bn (£7.4bn) to help its Asian neighbours, especially those in South East Asia, secure energy including crude oil as the region reels from disruptions caused by the Iran war. Japanese Prime Minister Sanae Takaichi announced the new cooperation framework on Wednesday after an online meeting with other Asian leaders. Japan […]

World shares gained on Wednesday, edging towards record highs after President Donald Trump said talks with Iran could resume over the next two days, with hopes for an end to the Iran war keeping oil prices below US$100 a barrel. The MSCI All-Country World Index rose 0.1%, within sight of its all-time top and on […]

The facility, arranged through the World Bank’s private-sector arm, the International Finance Corporation (IFC), will allow the institution to lend more in South African rand rather than in foreign currencies like the U.S. dollar. This is critical in emerging markets, where companies often earn revenue in local currency but are forced to borrow in dollars, exposing […]

South Korea has secured 273 million barrels of Middle Eastern and Kazakh crude that will not need to transit the Strait of Hormuz—volumes that would sustain its economy for more than three months. “The 273 million barrels of crude oil, based on last year’s consumption levels, are sufficient to sustain the economy for more than […]

Brent crude prices will remain above $90 per barrel through the end of this year as the war continues to cut off supply from the Middle East, analysts at Australia-based bank ANZ said on Tuesday. The bank raised its 2026 estimate from previous expectations of Brent averaging closer to $80 per barrel, amid mounting supply […]

TotalEnergies has found oil and gas on a license which it has been developing offshore the Republic of Congo, the French supermajor said on Monday. TotalEnergies EP Congo, which operates the Moho license with a 63.5% stake, has made the hydrocarbon discovery after drilling the MHNM-6 NFW exploration well targeting the Moho G structure. The drilling campaign […]

Oil prices have fallen back after briefly rising to above $100 a barrel as Donald Trump claimed Iran had made contact and wanted “very badly” to strike a deal in the face of his blockade of the strait of Hormuz. The Brent crude international benchmark rose above the key psychological threshold earlier in the day, […]

The UAE and China have signed 24 agreements to expand trade, investment and sector collaboration, marking a further step in strengthening economic ties between the two countries. The agreements were announced during the UAE-China Business Promotion Conference held in Beijing, alongside the official visit of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince […]

The uptick marks a rebound from January’s slowdown and reflects a sustained push toward reserve diversification. Global gold demand from central banks remains highly concentrated among a small group of consistent buyers rather than being evenly spread across the global financial system. Although more than 60 central banks have added gold in recent years, the bulk […]

China’s independent refiners are looking for prompt Iranian crude cargos after Beijing issued the latest batch of quotas for oil imports and after international prices took a plunge following the latest news about the war in the Middle East. Brent crude and WTI are both down, below $100 per barrel, after President Trump announced a […]

The company first touted the deal back in September 2024, following a meeting in New York between some of its executives and Nigeria’s vice president, Kashim Shettima. After the meeting, the company revealed that it would be sinking $10 billion into deep-water oil projects in Nigeria with the intent to increase its oil production in the […]

The Minerva Gloria is docked at a wharf in the Mississippi Sound, not far from the US’s vast oil reserves in the Gulf of Mexico. The ship, 820ft (250m) long, painted navy and burgundy, is carrying precious cargo from Venezuela that, just six months ago, would have been impossible to bring to the US – […]

Copper is vulnerable to further declines if the Strait of Hormuz remains blocked, Goldman Sachs Group Inc warned, as metals markets brace for President Donald Trump’s deadline for Iran to agree a deal or face sweeping attacks on civilian infrastructure. “We see the near-term risks as skewed to the downside if strait flows remain disrupted […]

The International Monetary Fund (IMF) has warned that the ongoing war in the Middle East is casting a shadow over the global economy, threatening recovery and triggering widespread disruptions. In a blog post by top officials, the IMF said the conflict, beyond its human toll, is “upending lives and livelihoods” while weakening growth prospects for economies […]

Speaking at the recent CERAWeek by S&P Global conference in Houston, Group Chief Executive Officer Bayo Ojulari said the company is prioritising internal reforms over speed, signalling a cautious but deliberate approach towards an eventual Initial Public Offering. “Our strategy is not just about listing, but about building the right fundamentals, transparency, cost efficiency, and […]

As Big Oil executives gathered this week and discussed the biggest-ever disruption to global energy supplies due to the war in Iran, there was one impact they did not address publicly: the multibillion-dollar windfall they will make because of soaring prices for the energy they sell. Global benchmark Brent crude has so far averaged around US$97 (RM388.78) per barrel in March, up 33% […]

Angola is set to raise $2.5 billion through the sale of dollar-denominated bonds, betting that higher oil prices driven by the Iran–Israel conflict will attract strong investor demand. Africa’s third-largest oil producer is offering $1.5 billion in seven-year bonds at a yield of 9.375% and $1 billion in 11-year bonds at 9.875%, according to a […]

Oil prices fell sharply in early asian trade on Wednesday, with both major benchmarks dropping more than 5% as traders reacted to signs of potential de-escalation in the Middle East conflict as well as a crude inventory build in the U.S. At the time of writing, WTI crude was trading at $87.51, down 5.24%, while Brent crude had fallen […]

Europe could experience energy shortages before the end of April, the chief executive of Shell has warned. Jet fuel supply has already tightened, and a diesel squeeze could be next, with gasoline supply tightening as well, as the continent nears peak fuel demand season in the summer, Wael Sawan said. “South Asia was first to […]

QatarEnergy has ‌declared force majeure on some of ⁠its long-term liquefied natural gas (LNG) supply contracts, including ‌for customers ⁠in Italy, Belgium, South Korea ⁠and China. The move on Tuesday comes amid production and supply disruptions caused by the United States-Israeli war on Iran. Force majeure is a clause in contracts that allows a party to be […]

Oil prices dropped more than 13 percent on Monday after US President Donald Trump said he will order the military to postpone any strikes ‌against Iranian ‌power ​plants ‌and energy ⁠infrastructure ​for five ⁠days. Trump’s move followed a threat by Iran to attack Israel’s power plants and those supplying ⁠US bases across the ‌Gulf region […]

Brent crude is seen averaging $85 per barrel this year, and West Texas Intermediate could see an average price of $79, Goldman Sachs commodity analysts said in a note released Sunday. They added that the supply loss from the crisis is going to peak at 17 million barrels daily. The price update is from an […]

Saudi Arabia is slashing its crude oil exports to Asia in April, for a second month in a row, as the de facto closed Strait of Hormuz is stranding most of the supply from the world’s top crude exporter. Saudi oil giant Aramco has notified customers of term supply in Asia that they would receive […]

According to report, Tesla is in talks to purchase equipment worth about $2.9 billion from Chinese firms to build large-scale solar manufacturing capacity in the United States, as CEO Elon Musk targets up to 100 gigawatts of solar production. The development has already lifted shares of several Chinese solar companies, signalling renewed global demand for […]

Countries may tap into America’s booming liquefied natural gas exports as Middle Eastern suppliers shutter. But renewables are a safer bet in the long run. The U.S. is the world’s largest exporter of liquefied natural gas — and the war in the Middle East is about to bring massive profits to its gas producers. As the war […]

Any prolongation of the Iran war risks creating an unprecedented ⁠crisis in ⁠energy supplies that sooner or later will hit every corner ⁠of the global economy. But it is already clear that some countries are either more exposed to that impact or less able to deal with it. ​Here are some economies to watch. THE […]

The national debt surpassed a record $39 trillion on Wednesday, a milestone that comes just weeks into the U.S.-Israeli war in Iran. The unprecedented figure highlights competing administration priorities, from passing a massive tax law and boosting defense spending and immigration enforcement to chipping away at the debt itself — the latter of which Donald Trump promised to […]

South Korean Prime Minister Kim Min-seok met with U.S. President Donald Trump in Washington on Friday, Kim’s office said, after the National Assembly passed a special bill on its commitment to investing $350 billion in the United States. The two met briefly at the White House as the passage of the bill in Seoul on […]

In a statement, the department said the capital commitment by Rio Tinto’s subsidiary Richards Bay Minerals (RBM) reflects growing cooperation between industry, government and host communities. RBM, which is 74 per cent owned by Rio Tinto, mines mineral-rich coastal sands in KwaZulu-Natal. The operation produces zircon, rutile and ilmenite, key feedstocks used to make titanium […]

China said on Thursday that it would inject 300 billion yuan (US$44 billion) into state-owned banks this year to guard against systemic risks, and boost financing for technology companies amid intensifying US rivalry. The measures were outlined in the annual government work report released at the opening session of the National People’s Congress (NPC), China’s rubber-stamp parliament. […]

The Washington-based lender also approved a new Resilience and Sustainability Facility valued at roughly $124.3 million, which will run through September 2027 and focus heavily on climate adaptation and agricultural stability. The latest payout follows the Fund’s review of the 48-month ECF arrangement first approved in September 2023. IMF officials said the economy has shown […]

The signing ceremony took place during a dinner honoring President Prabowo, organized by the US Chamber of Commerce. Key points of the agreement include food security and agricultural products. Indonesia agreed to purchase massive quantities of US agricultural goods, including 1 million metric tons of soybeans (valued at $685 million), 1.6 million metric tons of […]

Japan plans to invest US$36 billion in US oil, gas and critical mineral projects, the first tranche of its US$550 billion commitment under the trade agreement it struck with US President Donald Trump. “Our MASSIVE Trade Deal with Japan has just launched!” Trump posted Tuesday on social media. “The scale of these projects are so large, and […]

Deutsche Bank’s headquarters in Frankfurt and its office in Berlin were searched by German prosecutors and police on Wednesday in an investigation over suspected money laundering offenses, officials said. According to the Sueddeutsche Zeitung daily, the probe is connected to suspected offences in the bank’s dealings with companies linked to Russian billionaire businessman Roman Abramovich. […]

Gold prices climbed on Tuesday, reaching $4,467.80 per troy ounce, up 0.36 percent from the previous day, driven by investor bets on further U.S. Federal Reserve interest rate cuts. This momentum extended gold’s remarkable 68 percent year-over-year gain, building on a record high of $4,794.85 hit in December 2025. Market observers noted bolstered safe-haven demand […]

Sovereign wealth funds globally amassed a record $15 trillion in assets under management in a year when many deepened their technology investments and profited from buoyant markets. Overall, sovereign owned investors ploughed $66 billion into investments in artificial intelligence and digitalization in 2025, the data firm said. Middle East sovereign wealth funds led on digital […]

The British government has decided to withdraw its $1.15 billion backing for the TotalEnergies-led Mozambique Liquefied Natural Gas project, it said on Monday. Britain had promised financial support for the $20 billion project via UK Export Finance in 2020, shortly before it pledged to stop providing direct government support for overseas fossil fuel projects. The […]

India’s economic growth accelerated to 8.2% year-on-year in the July-September period, boosted by strong consumer spending and a front-loading of production ahead of local festivals and punitive U.S. tariffs. Economists polled by Reuters had forecast a 7.3% expansion for the quarter ended September, during which the U.S. imposed an additional 25% punitive tariff on Indian exports, raising the total levy to 50%. The gross domestic product grew by 7.8% in the previous quarter. Private consumer spending, which accounts for around 57% of GDP, rose 7.9% year-on-year in July-September, compared with a 7% rise a quarter ago, the data released on Friday showed. To counter subdued external demand and mitigate the effects of U.S. tariffs tied to its Russian oil purchases, India introduced tax cuts on mass consumption items which kicked in at the end of September. “The blockbuster GDP growth has been led by front-loading of exports,” said Garima Kapoor, economist, institutional equities, at Elara Securities in Mumbai. “With today’s print, full-year FY26 GDP growth will now see an upside and will be close to 7.5%, way above the (central bank’s) and government’s estimate,” Kapoor said. GOVERNMENT EXPECTS SUSTAINED GROWTH Economists said stockpiling for the festive season as well as expedited exports ahead of the 50% tariff deadline on August 27 might have contributed to the quarterly growth figures. Manufacturing output rose 9.1% in the quarter ending in September from a year earlier against growth of 7.7% a quarter ago, while construction expanded 7.2% year-on-year from 7.6% a quarter ago. Government spending decelerated, declining 2.7% year-on-year in the three-month period compared with growth of 7.4% in the previous quarter. The government expects strong demand, firm public spending and easing inflation to help India weather trade uncertainties and sustain growth through the rest of the 2025/26 financial year. Retail inflation in October slumped to a record low of 0.25% in October, raising chances of an interest rate cut by the Reserve Bank of India in its next review in December. Nominal growth, which includes inflation, was 8.7% in July-September as against 8.8% in the quarter earlier, weighing on corporate profits and tax collection. Gross value added, considered by economists as a more accurate measure of underlying economic activity, grew 8.1% year-on-year in July-September from 7.6% in the three months to June. GVA excludes indirect taxes and government subsidy payouts, which tend to be volatile. The agriculture sector grew 3.5% year-on-year compared with an increase of 3.7% a quarter ago. Source: Gulftimes

Trump administration orders to keep an ageing, unneeded Michigan coal-fired power plant online has cost ratepayers from across the US midwest about $113m so far, according to estimates from the plant’s operator and regulators. Still, the US energy department last week ordered the plant to remain open for another 90 days. The Trump administration in […]

Bank of Singapore plans more investment in hiring and technology as it aims to climb into Asia’s top five private banks within five years after assets under management rose nearly 20% to exceed $145 billion in the third quarter, Chief Executive Jason Moo said. Asia’s wealth surge anchors the push. Global high-net-worth individual wealth rose […]

Blackstone Inc. is nearing an acquisition of MacLean Power Systems in a deal that could value the utility-parts maker at more than $4 billion according to people familiar with the matter. The private equity firm may announce a purchase of MacLean from Centerbridge Partners as soon as next week, the people said, asking not to […]

Why are so many veins of gold running through China? Its vast land mass rests on several tectonic plates. Geological activity creates conditions ideal for the formation of the element known as aurum in Latin, which is what gives gold its abbreviation Au. Volcanic activity or magma in Earth’s mantle heats subsurface water, which will then dissolve traces of gold from deep […]

Marshall Wace is preparing to return $3.1 billion to investors from two of its main hedge fund strategies in an effort to curb asset growth. The London-based firm plans to distribute the funds in January, reducing its assets under management to approximately $75 billion The move aligns with a broader trend among top hedge fund […]

UBS has raised its 2026 mid-year gold target price to $4,500/oz – up from $4,200 previously – on Fed rate cut expectations, persistent geopolitical risks, fiscal concerns and strong demand from central banks and ETF investors. “We expect gold demand to rise further in 2026, influenced by anticipated Fed rate cuts, lower real yields, continued […]

A planned US$20 billion (RM82.93 billion) bailout for Argentina from JPMorgan Chase, Bank of America and Citigroup has been shelved as bankers pivot instead to a smaller, short-term loan package. In October, the US Treasury reached a US$20 billion exchange-rate stabilisation agreement with Argentina, to be paired with a bank-led debt facility for the same amount. The deal came […]

Africa’s estimated $100 billion credit shortfall for small and medium enterprises is forcing banks, telecom operators, and fintech startups into deeper and unexpected partnerships. The Africa-wide figure comes from a detailed assessment by the African Development Bank (AfDB), which identifies SME financing constraints as one of the continent’s most persistent economic obstacles and warns that […]

The economic momentum generated by the White House meeting between Saudi Crown Prince Mohammed bin Salman and US President Donald Trump on Tuesday shifted swiftly to the US-Saudi Investment Forum at the Kennedy Center in Washington, D.C. It was here on Wednesday that high-level government agreements announced in the Oval Office and at a White […]

Schneider Electric said on Wednesday it had signed new deals worth almost $2.3 billion with ​two U.S. data centre operators, as surging adoption ‌of artificial intelligence boosts infrastructure demand. At an industry event in Las Vegas, the French industrial group ‌announced a $1.9 billion partnership with privately held tech firm Switch, covering power modules and […]

Kelleher and Bessent held talks in recent months about what a move to the US would look like for the lender, with the Trump administration receptive to welcoming one of Switzerland’s most prized assets, according to three people familiar with the conversation. The talks with Bessent are part of an ongoing effort by Kelleher to […]

VFD Group successfully redeemed its N12.83 Billion Series 5 Commercial Paper on its maturity date, reinforcing strong liquidity and disciplined balance sheet management. The redemption strengthens investor confidence amid market volatility and supports the ongoing N50 Billion Rights Issue scheduled to close on November 24, 2025. Since launching its CP Programme in 2022, VFD has […]

Oil prices are set to further drop into next year from current levels amid a large surplus on the market, with the U.S. benchmark WTI Crude expected to average $53 per barrel in 2026, according to Goldman Sachs. Early on Tuesday, WTI Crude was trading just above $60 per barrel, at $60.09, up by 0.22% on the […]

Nigeria’s second largest bank by asset base and market capitalization, Zenith Bank is seeking to acquire Kenya’s Paramount Bank and has sought regulatory approval to proceed with the transaction Zenith would join other Nigerian banks that have expanded in Kenya, such as Access Bank, which acquired the National Bank of Kenya from the KCB Group […]

While optimistic economists argue that America can grow its way out of a debt crisis, pessimists believe the real outcome will be somewhat less popular. Business leaders, policymakers, and investors are growing increasingly concerned by the United States’s borrowing burden, currently sitting at $38.15 trillion. The worry isn’t necessarily the size of this debt, but […]

Companies have pledged to invest 9.2 billion euro ($10.7 billion) in France, the finance ministry said on Monday, as the government seeks to show the euro zone’s second-biggest economy remains a top business destination despite political turmoil. French firms in sectors from energy to health and agri-food made the commitments ahead of a government-organised “Choose […]

U.S.-based cloud services provider GMI Cloud said on Monday it will build a $500 million artificial intelligence data centre ​in Taiwan with the support of U.S. chipmaker. The data centre will come ‌online by March 2026 and will run on Nvidia’s new Blackwell GB300 chips. The facility will house about 7,000 GPUs ‌across 96 high-density […]

The global oil market faces an even bigger surplus next year of as much as 4.09 million barrels per day as Opec+ producers and rivals lift output and demand growth slows, the International Energy Agency said on Thursday. “Global oil market balances are looking increasingly lopsided, as world oil supply is forging ahead while oil […]

British utility SSE unveiled a 33 billion pound five-year investment plan on Wednesday, including a 2 billion pound ($2.68 billion) equity fundraising, as it seeks to upgrade the UK’s regulated electricity networks and bolster its renewables business. SSE’s shares rose more than 11% to a record high. Analysts were positive about the plan which provided […]

Dutch bank ABN Amro on Wednesday said that it had acquired domestic commercial lender NIBC Bank from private equity firm Blackstone, strengthening its position in its home market. The acquisition, for an estimated price of 960 million euros ($1.1 billion), is set to close in the second half of next year. It is expected to […]

Nebius Group has signed a deal worth about $3 billion with Meta to provide the Facebook owner with AI infrastructure over a five-year period, the company said on Tuesday, after it reported a more than fourfold rise in third-quarter revenue. The company’s shares seesawed in volatile premarket trading, after it posted a surge in capital […]

Hanwha Ocean, which was caught in the crossfire during the U.S.-China trade conflict, has gained temporary breathing room. As China reached partial agreements with the United States in economic and trade negotiations, it decided to suspend sanctions imposed on Hanwha Ocean’s U.S. subsidiaries for one year. Accordingly, Hanwha Ocean will minimize repercussions in raw materials […]

Billionaire Bill Gates’ foundation will invest at least $1.4 billion over the next four years to help farmers in sub-Saharan Africa and Asia access technologies that enhance resilience to extreme weather. The funding will support innovations aimed at boosting crop yields, improving livestock production, providing digital advisory services, and restoring degraded land. “Smallholder farmers are […]

Africa’s leading diamond powerhouses, Botswana and Angola, have opened discussions to acquire control of the world’s largest and most recognizable mining brand, De Beers, in what could redefine the global diamond industry’s balance of power. According to Reuters, Botswana’s Mines Minister Bogolo Joy Kenewendo and her Angolan counterpart Diamantino Pedro Azevedo met to discuss collaboration […]

Nigeria’s foreign exchange reserves are projected to rise to $45bn by the end of 2025, driven by strong investor confidence following the country’s successful $2.3bn Eurobond issuance, according to investment house CardinalStone. In its Macroeconomic Update released on the offering, the firm said the robust appetite for the Eurobonds, which recorded a 5.5x oversubscription, reflects […]

The international reserves of Bank Negara Malaysia (BNM) amounted to US$123.8 billion as at Oct 31, 2025, compared with US$123.4 billion as at Oct 15, 2025. In a statement on Friday, the central bank said the reserves position is sufficient to finance 4.8 months of imports of goods and services and is 0.9 times the […]

Investors overseeing more than US$5 trillion in assets are urging British finance minister Rachel Reeves to double the size of the country’s financial buffer against economic shocks in her Nov 26 budget. Amundi, Europe’s largest asset manager, AXA Investment Managers, Allianz Global Investors and Franklin Templeton want Reeves to increase the fiscal headroom she leaves herself […]

Multisensor AI Holdings Inc. (NASDAQ:MSAI) stock surged 33.3% in premarket trading Friday after the company announced it had entered into a $14 million private placement agreement with 325 Capital and other accredited investors. The deal, disclosed in a regulatory filing, involves the sale of 34.2 million shares of common stock priced at $0.409 per share, […]

Copper rallied to a record, with the US and China on the cusp of a sweeping deal to dial down trade tensions, while a series of supply setbacks at mines have tightened the global market. Three-month futures surged to US$11,142 (RM46,690.55) a tonne on the London Metal Exchange, topping the peak set in 2024. Year […]

During the Future Investment Initiative (FII) conference in Riyadh, BlackRock CEO Larry Fink said investors have turned to gold and cryptocurrencies as a refuge in the face of growing concerns about global financial stability and fears of devaluation of traditional assets. Fink emphasized that the search for crypto assets and gold is driven by fear of […]

British finance minister Rachel Reeves will attend an investment summit in Saudi Arabia on Monday and seek to advance trade talks with other Gulf countries, in what officials said was the first visit to the region by a British finance minister in six years. Saudi Arabia will host its flagship gathering of global political leaders […]

Australia has identified an A$20 billion (RM55.11 billion) investment pipeline across Southeast Asia as Canberra moves into a new phase of its regional economic cooperation, signalling a stronger commitment towards deeper Asean integration. Prime Minister Anthony Albanese said the country’s ambition is to be participants, engaged partners, invested and embedded in the region’s growth, instead of […]

This follows India’s Natco Pharma’s acquisition of all minority shares in a deal valued at around $215 million (R4 billion). Founded in 1890 as a small pharmacy in Krugersdorp, Adcock Ingram evolved into one of South Africa’s most trusted healthcare brands, producing household names such as Panado, Myprodol, Epi-Max, and Allergex. Today, the company is […]

The US and China have agreed the framework of a potential trade deal that will be discussed when their respective leaders meet later this week, the US treasury secretary has said. Scott Bessent told the BBC’s US news partner CBS that this included a “final deal” on TikTok’s US operations and a deferral on China’s […]

Blackstone Inc will become the largest shareholder in India’s Federal Bank after injecting about US$706 million into the lender. Asia II Topco XIII Pte, an affiliate of the private equity giant, is paying 61.97 billion rupees for warrants that will result in a 9.99% stake in Federal Bank, the lender said in a statement Friday. […]

JPMORGAN Chase & Co plans to allow institutional clients to use their holdings of Bitcoin and Ether as collateral for loans by the end of the year, in a significant deepening of Wall Street’s crypto integration. The programme, offered globally, will rely on a third-party custodian to safeguard the pledged tokens, according to people familiar […]

The forecast was unveiled during the government’s 100-day macroeconomic performance review, which assessed both global trends and the nation’s quarterly outcomes. According to official data, Ethiopia’s economy expanded by 9.2% in the previous fiscal year, propelled by strong gains across key sectors, agriculture (7.3%), industry (13%), and services (7.5%). The country’s growth trajectory, officials noted, […]

Japan’s power generation major JERA will pay $1.5 billion for natural gas assets in the Haynesville basin, the company said today, in line with plans to boost its exposure to U.S. gas. The Japanese company will buy the assets from Williams and GEP Haynesville II, JERA said in a press release, adding that the assets […]

Google has signed the first U.S. corporate power purchase agreement involving natural gas with carbon capture, marking a major shift in how Big Tech plans to fuel the data-hungry future of artificial intelligence. The deal centers on the Broadwing Project, a 400-megawatt gas-fired power plant planned for Decatur, Illinois, developed by privately held Low Carbon […]

South Africa’s 440 billion rand ($25 billion) transmission grid expansion plan has drawn strong global interest, from Indian billionaire Gautam Adani’s energy company to major Chinese state-owned power firms. This marks a pivotal moment in the nation’s effort to stabilise its electricity supply and unlock its renewable potential. Launched in December, the Independent Transmission Projects […]

China has just found the United States’ Achilles heel, and it isn’t in Washington, Silicon Valley or the Pentagon. It’s deep underground, in the form of seventeen metallic elements the world calls rare earths. Beijing has weaponised its dominance over these minerals to squeeze America where it hurts most: defence. Missiles, jets, submarines, satellites: all […]

President Trump said on Tuesday that Washington’s $20 billion bailout for Argentina comes with strings attached — namely, that the ruling party of his ally, President Javier Milei of Argentina, must prevail in the country’s legislative elections this month. “If he loses, we are not going to be generous with Argentina,” Mr. Trump told reporters […]

The rally was powered by a resurgence in industrial and mid-cap equities, led by BUA Cement and several blue-chip stocks. According to a market analysis by Punch, the NGX’s market capitalisation climbed from ₦94.6 trillion to ₦95.2 trillion, representing a 0.65% daily increase. The All-Share Index also advanced by 963.17 points to close at 149,940.81, […]

US President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals agreement aimed at countering China on Monday at a meeting marked by Trump’s jab at Australia’s envoy to the US over past criticism. China loomed large at the first White House summit between Trump and Albanese, with the US president also backing a strategic nuclear-powered submarine deal with […]

The United States (US) and China have resumed high-level discussions aimed at addressing ongoing trade tensions between the world’s two largest economies. In a statement on October 18, U.S. Treasury Secretary Scott Bessent confirmed that he held “frank and detailed discussions” with Chinese Vice Premier He Lifeng on Friday evening, focusing on key trade issues. […]

Gold prices fell more than 2% on Friday after hitting a record high above US$4,300 per ounce, pressured by a firmer dollar and US President Donald Trump’s comment that a “full-scale” tariff on China would be unsustainable. Spot gold was down 2.2% to US$4,228.89 per ounce at 10.21am ET (1421 GMT), after scaling an all-time […]

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reassured investors of Nigeria’s improving macroeconomic stability, just as he revealed that the country’s foreign exchange (FX) market turnover has so far risen to $8.6 billion monthly in 2025. Additionally, Cardoso, who spoke during an Investors’ Forum in Washington D.C., on the sidelines […]

Spain’s Cellnex said on Friday that it has signed a put option agreement to sell all its 99.99% share capital in Towerlink France to Vauban Infra Fibre for 391 million euros ($458 million). The deal, made through the French subsidiary of Europe’s largest mobile phone tower operator, will be fully paid in cash on the […]

India says it is looking to step up purchases of crude oil and natural gas from the U.S. as it diversifies its energy supplies and confronts criticism by U.S. President Donald Trump over its imports of discounted Russian oil. Trump said Wednesday that Indian Prime Minister Narendra Modi had personally assured him his country would stop […]

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has recently announced an ambitious five-year strategy to expand oil and gas exploration and production across the country. The announcement came during his participation in the opening of the World Energies Summit in London, where he was a keynote speaker. The plan includes drilling around 480 […]

Billionaire philanthropist MacKenzie Scott has reduced her stake in Amazon.com Inc. by 42% over the past year, according to a regulatory filing made public on Tuesday. The filing, dated September 30, shows Scott now holds 81.1 million Amazon shares, down from 139 million a year earlier. Based on Tuesday’s closing price, the reduction is valued […]

Singapore companies have committed to invest S$5.5 billion ($4.23 billion) in a joint special economic zone in Malaysia’s Johor state since January last year, Singapore Deputy Prime Minister Gan Kim Yong said. The special economic zone, which was first agreed in January last year and formally inked a year later, has made good headway and […]

Private equity firm Warburg Pincus plans to buy German software firm PSI Software for more than 700 million euros ($813.26 million), the companies said on Monday. Reuters first reported on both a nearing takeover of PSI on Friday and Warburg Pincus’ offer for the software company on Sunday. PSI’s software helps run power and gas […]

Foreign investors extended their net buying streak for the second consecutive week across Asian markets last week, recording net purchases of US$904.8 million (RM3.82 billion), which was 4.12 times lower than the previous week’s inflow of US$3.73 billion. MBSB Investment Bank Bhd’s (MBSB IB) fund flow report for the week ended Oct 10, 2025 showed […]

China’s Commerce Ministry on Sunday slammed the Donald Trump-led US government’s plan to impose another 100% tariff on Chinese imports (up and above the existing levies), calling it a “classic case of ‘double standards’.” Amid rising trade tension between the two trade giants, Beijing restated its consistent stance and said it does not “want to fight, but are […]

Copper struck $11,000 per metric ton on Thursday, a milestone not seen for 16 months as investors piled into the metal after a series of disruptions to mine supply led to fears of shortages, while aluminium hit a more than three-year peak. Benchmark three-month copper on the London Metal Exchange rose 3.1% to hit the […]

Swiss medical technology company Ypsomed said on Friday it will establish its first manufacturing facility in the United States with an initial $200 million investment in the town of Holly Springs, North Carolina. Ypsomed, a maker of self-injection systems, said it plans to create about 100 new jobs and wants to roughly double that number […]

HSBC is shelling out £10bn to take its Hong Kong subsidiary private, in a move it said was designed to take advantage of the financial hub’s role as a “super-connector” between China and global markets. The deal will result in Hang Seng Bank’s shares being taken off the local stock exchange as London-headquartered HSBC doubles […]

Fifth Third Bancorp said Monday it will acquire fellow regional bank Comerica for $10.9 billion in an all-stock deal that will create one of the largest U.S. banks by assets. When the deal closes, it will create the ninth-largest U.S. bank — with roughly $288 billion in assets. The transaction is expected to finalize in […]

Spot gold smashed through US$4,000 (RM16,876) an ounce for the first time, as concerns over the US economy and a government shutdown added fresh momentum to a scorching rally. It’s a milestone for bullion, which traded below US$2,000 just two years ago, with returns that now outstrip those for equities this century. Gold has jumped […]

India’s Rana Group has begun construction of a $10 billion smart manufacturing hub in Ras Al Khaimah, marking one of the largest industrial investments in the UAE. The project will house 150 industries and is expected to generate $5 billion to $6 billion in annual turnover while creating 4,000 jobs. The Erisha Smart Manufacturing Hub, […]

Goldman Sachs raised on Monday (Oct 6) its December 2026 gold price forecast to US$4,900 (RM20,653) per ounce from US$4,300, citing strong Western exchange-traded fund (ETF) inflows and likely central bank buying. “We see the risks to our upgraded gold price forecast as still skewed to the upside on net, because private sector diversification into the relatively […]

The $90 million (R1.5 billion) deal marks another significant international exit from Africa’s most industrialized economy. The decision aligns with global trends favoring copper amid a worldwide surge in electrification. Jubilee noted that “strong copper markets support higher margins than chrome, and Zambia presents material opportunities to expand our copper-producing assets.” Under the deal, Jubilee will retain […]

The sovereign wealth funds of Gulf petrostates continue to be the top state investors globally despite weaker oil prices this year. The share of sovereign wealth fund investments from the Middle East and North Africa in the global total was 40% for the first nine months of the year, cementing the funds’ leadership. Data from […]

Japan will run a US$550 billion (RM2.32 trillion) US-bound investment package agreed in Tokyo’s tariff deal with Washington without any impact on the foreign exchange (forex) market, its top trade negotiator Ryosei Akazawa said on Wednesday. “Based on our calculation, US$550 billion is within the range where there will be no forex impact,” Akazawa said, speaking to reporters at […]

Australia’s Seven West Media said it would merge with Southern Cross Media to create a A$417 million (US$273.97 million or RM1.16 billion) metropolitan and regional media group to better compete with global streaming platforms. Seven West shares, controlled by mining and media billionaire Kerry Stokes, were up 7% on Tuesday to A$0.15, while Southern Cross stock was 6.6% […]

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed off on a Sales Purchase Agreement (SPA) by TotalEnergies Exploration and Production Nigeria Limited to assign its entire 12.5% contractor interest in Oil Mining Lease (OML) 118 to Shell Nigeria Exploration and Production Company (SNEPco) and Nigerian AgipExploration Limited (NAE). According to the details of the […]

Italian energy company Eni said on Monday it struck a more than $1 billion power purchase with Commonwealth Fusion System’s project in Virginia that the companies hope by the early 2030s will generate electricity through the reaction that fires the sun. Eni agreed to buy power from the 400-megawatt (MW) ARC project in Chesterfield County, […]

The reforms are part of a wider shift that began under the government’s Operation Vulindlela programme launched in 2020, which aimed to reduce red tape, unlock investment, and allow greater private-sector participation in key sectors. Since 2023, Pretoria has accelerated efforts, particularly in transport and logistics, where inefficiencies in rail and ports have long hampered mineral exports. […]

On Sunday, a key congressional committee in the United States approved President Donald Trump’s new tax cut bill, which could pass in the House of Representatives later this week. The bill extends Trump’s 2017 tax cuts and may add up to $5 trillion to the national debt, deepening worries after a recent US credit ratings […]

Mahindra Group chairman Anand Mahindra recently took to social media to acknowledge India’s achievement of becoming world’s 4th largest economy in the world. Recently, India surpassed Japan to become the world’s fourth-largest economy, a significant milestone that has drawn widespread celebration and reflection from business leaders across the nation. Mahindra posted on X (formerly known as Twitter) […]

The action is part of Guinea’s sweeping sector-wide reform aimed at curbing regulatory violations, boosting revenue collection, and ensuring that mining activities contribute more directly to national development goals. The government sources say the number of affected permits  could be as high as 53, in what analysts interpret as a signal to larger operators that […]

The United States and China have announced that they have reached a deal to reduce reciprocal tariffs temporarily, as the world’s two largest economies work to resolve a trade war that has unsettled the global economic outlook and rattled financial markets. Speaking after discussions with Chinese officials in Geneva, US Treasury Secretary Scott Bessent told […]

Analysts at JPMorgan estimated that the price of gold could reach $6,000 per ounce by 2029, up from about $3,300 now, if just 0.5% of U.S. assets held by foreign investors is reallocated to the precious metal. Gold has been on a tear in recent years and picked up even more momentum after President Donald Trump […]

The high-level meeting on economic and trade affairs between China and the U.S. in Geneva was candid, in-depth and constructive, Chinese Vice Premier He Lifeng said on Sunday. Substantive progress has been made and important consensus has been reached between the two sides, said He, also the Chinese lead person for China-U.S. economic and trade […]

President Trump’s latest big move in the Middle East doesn’t involve proposing a peace treaty, nor a trade deal, but instead a high-rise. The Trump Organization and developer DarGlobal have revealed plans for a supertall skyscraper in Dubai that the firms say will boast the world’s highest outdoor swimming pool. The Trump International Hotel & […]

California’s economy has surpassed Japan’s, making the Golden state the fourth largest economy in the world, Governor Gavin Newsom announced on Thursday. The state’s nominal GDP reached $4.1tn, according to data from the International Monetary Fund and the US Bureau of Economic Analysis, edging out Japan’s $4.02tn nominal GDP. California now ranks behind the US at $29.18tn, China at $18.74tn […]

China’s central bank will not allow sharp renminbi declines and has asked major state-owned banks to reduce US dollar purchases, people with direct knowledge of the matter said on Wednesday (Apr 9). The directive from authorities comes as the renminbi faces heavy downward pressure following massive US tariffs on Chinese exports and retaliatory moves by […]

The World Bank on Wednesday cut its 2025 economic growth forecast for Latin America and the Caribbean to 2.1% from its January forecast of 2.5%, saying regional economies must adapt to navigate increasing global uncertainties. The global lender cited a delay in interest rate cuts in developed economies, concerns around global trade restrictions, slowing growth […]

China will allow certain products traded on the Shanghai Gold Exchange to be delivered overseas by establishing storage facilities in other countries – part of a broader effort to promote the yuan and reduce reliance on the US dollar and US financial systems, according to top regulatory agencies. In an action plan aimed at enhancing […]

President Donald Trump and his administration are reportedly planning a pressure campaign to convince U.S. trading partners to isolate China in exchange for reduced tariffs. The administration is negotiating with more than 70 countries to secure commitments to limit their dealings with Beijing in exchange for reduced tariffs and barriers to trade, the Wall Street Journal reported, […]

GCC banks will continue to benefit from strong capital levels, supporting their overall performance in 2025, according to the EY GCC Banking Sector Outlook 2024 report. The expansion of gas production in Qatar, implementation of economic transformation projects in of Saudi Arabia and non-oil economic growth in Bahrain and the UAE will underpin the resilience of […]

Fitch Ratings-Shanghai-17 April 2025: The Shanghai Stock Exchange is likely to further tighten bond issuance related to funding new projects by local-government financing vehicles (LGFVs) with weak interest coverage and significant fiscal exposure as part of broader efforts to control public sector debt growth, says Fitch Ratings. Nevertheless, we expect the policy environment to continue […]

Indonesia has pledged to increase its imports from the United States by up to US$19 billion, including US$10 billion in energy purchases and make other trade concessions, as part of a broader strategy to stave off looming tariffs from Washington. Chief Economic Minister Airlangga Hartarto outlined the plan to reporters on Friday morning, following high-level bilateral trade talks […]

Sweden’s EQT has received commitments exceeding $10 billion for its new Asia-focused buyout fund and will reach its first close in April, the investment firm said on Wednesday. EQT launched the fundraising of its ninth regional private equity fund – BPEA Private Equity Fund IX, managed by EQT Private Capital Asia – last August, with […]

Bank of America topped estimates on Tuesday for first-quarter profit as interest income grew and volatile markets helped its stock traders rake in a record haul, lifting its shares more than 4%. As markets whipsawed around U.S. President Donald Trump’s tariff policies, the second-largest U.S. lender brought in 9% higher trading revenue, mirroring trends seen […]

British inflation slowed to its weakest in three months in March and other measures watched by the Bank of England cooled too, but higher bills and employer costs will pressure prices soon against the backdrop of U.S. President Donald Trump’s trade war. Inflation slowed to an annual rate of 2.6% in March from 2.8% in […]

UBS has downgraded its China GDP growth forecast to 3.4% for 2025, on the assumption that tariff hikes between it and the United States will remain in place and that Beijing will roll out additional stimulus, it said in a report on Tuesday. The Swiss investment bank’s previous forecast for China’s growth this year was […]

The UK pledged £20 billion (US$26 billion) on Sunday to help exporters including those affected by US tariffs, as US President Donald Trump’s sweeping stop-start import taxes roil global markets. Britain’s finance ministry said the move would expand the UK’s export finance package by £20 billion to a total of £80 billion, with “thousands of UK […]

Though President Donald Trump has said his aggressive tariff strategy, unveiled this week, will make the markets “boom,” it has so far resulted in a rout, with U.S. equity markets suffering their worst week since March 2020 and more pain likely on the way. And that’s sending ultra-wealthy investors to seek refuge from the financial storm abroad. The […]

Argentina sealed a $20 billion, 48-month Extended Fund Facility deal with the International Monetary Fund on Friday and, in a major policy move ahead of the deal, dismantled key parts of its years-long currency controls and loosened its grip on the peso. The IMF will disburse $12 billion by next Tuesday, while another $2 billion […]

European private equity firm CVC is exploring a $75 billion deal for private credit lender Golub Capital, the Financial Times reported on Friday, citing several people familiar with the situation. The private credit sector, which involves institutional lending to companies outside of traditional banking channels, has grown rapidly in recent years, as stricter regulations have […]

Afreximbank has disbursed a total of $50bn in Nigeria over the past decade, making significant contributions to the country’s key sectors, including energy, manufacturing, healthcare, transport, and financial services. The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, disclosed this during the commissioning of the Afreximbank Africa Trade Centre in […]

The world’s largest money manager BlackRock’s assets increased to a record high in the first quarter despite volatility in financial markets fueled by U.S. President Donald Trump’s tariff proposals. Assets managed by the New York-based firm increased to $11.58 trillion from $10.47 trillion at the end of the same three-month period a year earlier and […]

Stitch, a South African fintech specializing in open banking and payment infrastructure, has raised $55 million in a new funding round from existing investors, bringing its total funding to $101 million across all rounds. Raba Partners, an Africa-focused venture capital firm, contributed $4.2 million to the round. The funding follows Stitch’s recent expansion efforts, including the […]

Bank of England Deputy Governor Sarah Breeden said the impact on UK inflation from U.S. President Donald Trump’s trade tariffs – and the implications for interest rates – remained unclear even if Washington’s new policies were likely to lower growth. “Overall, tariffs are likely to lower UK growth,” Breeden told an MNI Livestreamed Connect event […]

Wednesday’s jaw-dropping stock-market rally on President Donald Trump’s surprising tariff reversal is one for the history books. The S&P 500 skyrocketed 9.52% in a kneejerk reaction to Trump’s announcement to put a 90-day pause on some of the lofty ‘reciprocal’ tariffs. The one-day gain ranks as the third biggest since World War II for the main stock market benchmark, according to […]

JP Morgan is set to expand its footprint in Nigeria by converting its Lagos representative office into a fully operational business branch. This development was disclosed in a report by Africa Intelligence, which stated that the US banking giant, which had been present in Nigeria since the 1980s, plans to apply for a merchant banking […]

The world’s 3,028 billionaires are spread across more than 800 cities around the globe, from Feldmeilen, Switzerland to Ezulwini, a small town in the western part of Eswatini–better known by its former name, Swaziland, in southern Africa. Yet nearly a quarter of them, worth a combined $3.3 trillion, have chosen to make their primary residence […]

Taiwan-based United Microelectronics Corp. (UMC) inaugurated a new 22-nanometre semiconductor fabrication facility in Singapore on 1 April, aiming to address rising global chip demand and enhance supply chain resilience. The new fab, which is located adjacent to UMC’s existing plant in Pasir Ris Wafer Fab Park, has commenced pilot production, with full mass production scheduled […]

Bank stocks tanked across the globe on Friday as fears of a recession swept through markets after U.S. President Donald Trump announced the highest tariff walls in a century. The S&P 500 banks index which tracks U.S. lenders, fell more than 7%, extending declines after plunging on Thursday. Citigroup and Bank of America  were the […]

Meta Platforms Inc. plans to spend nearly $1 billion on the development of a data center project in central Wisconsin, underscoring a larger effort from the social media giant to ramp up investments in AI and cloud infrastructure. In February, the state of Wisconsin struck an incentive deal with an unnamed company using an alias […]

The Morgan Stanley-managed fund is due to close in June and expected to raise at least $684mln based on current investor commitments, according to the people, both of whom declined to be identified because the information hasn’t been made public. Morgan Stanley is raising about 100 billion yen ($684 million) for a Japan-focused real estate […]

Months after President Donald Trump had been hammering Panama over  its most valuable asset, the Panama Canal, an investment group led by BlackRock, a giant American asset manager, has agreed to buy two ports in the place owned by a Hong Kong company. BlackRock will buy the ports, which sit at either end of the […]

Explosive Allegations Surface: Ken Koh Accuses UOB of Breaching Banking Secrecy and Orchestrating a Conspiracy That Cost 300 Singaporeans Their Jobs — Potentially Singapore’s Largest Financial Scandal In a bombshell revelation backed by audio recordings and extensive documentation, Ken Koh, former CEO of Yang Kee Logistics, alleges that United Overseas Bank (UOB) coerced him into […]

Four Chinese state-owned banks announced plans on Sunday to introduce the Ministry of Finance (MOF) as a strategic investor through targeted share placements, with their boards having approved proposals to issue A-shares to designated investors. The initiative includes the Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BOCOM), and Postal Savings Bank […]

China’s finance ministry will inject $69 billion into four of the nation’s largest state banks via their share placements, following through on Beijing’s earlier pledge to beef up the lenders’ capital buffers. Bank of Communications Co.,Ltd., Bank of China, Postal Savings Bank of China Co., Ltd. and China Construction Bank plan to raise up to a combined 520 billion yuan […]

Africa’s digital payments economy is set to grow from strength to strength according to a Mastercard-commissioned report by Genesis Analytics stating that the digital payments economy is expected to reach $1.5 trillion by 2030. As a longstanding technology partner to Africa, Mastercard continues to strengthen its commitment to the continent’s digital growth through strategic investments, […]

Ghana is strengthening its collaboration with international partners to enhance its small-scale gold mining (ASGM) sector and the broader gold value chain for socioeconomic development. The Ashanti Green Initiative, led by Oheneba Kwaku Duah, Prince of Ghana’s Ashanti Kingdom, is spearheading the inaugural Mining in Motion Summit in partnership with the World Bank and the World […]

The UAE has committed to a 10-year, $1.4tn investment framework in the United States after top UAE officials met President Donald Trump this week, the White House said on Friday. The framework will “substantially increase the UAE’s existing investments in the US economy” in AI infrastructure, semiconductors, energy, and manufacturing, the White House said in […]

If there’s one thing market participants don’t like, it’s uncertainty. But that’s just what there’s plenty of at the moment, given the unclear outlook for the global economy because of a potential full-blown trade war, or for the U.S. economy amid mass federal layoffs. In response to abrupt moves by the administration of President Donald […]

The Ethiopian Capital Market Authority (ECMA) has licensed five new capital market service providers, including Ethiopia’s first investment banks, in what it described as a “significant step” for the country’s financial sector. The licensing, granted on March 21, increases the total number of licensed service providers from four to nine, according to ECMA. The newly […]

Aircraft lessor Air Lease Corp said on Monday it has received $328.5 million in cash, as part of certain insurance settlements related to its aircraft which were blocked from leaving Russia after the country’s invasion of Ukraine. Before the invasion in early 2022, Russia was a key market for aircraft lessors, who purchased jets from […]

Shares of James Hardie Industries fell sharply in premarket trading Monday after the company said it would acquire outdoor living products maker AZEK in an $8.75 billion deal. Shares of James Hardie fell 11% ahead of the morning bell at $26.00. AZEK’s stock jumped nearly 19% to $49.12 a share. Late Sunday, James Hardie said […]

FuriosaAI, a South Korean AI chip startup, has rejected an $800m acquisition offer from Meta Platforms, in order to remain as an independent company. The latest decision was influenced by differences in business direction and organisational composition, rather than price. FuriosaAI plans to continue its growth trajectory independently to bolster its position in the AI […]

Profit at Geely Automobile Holdings, China’s second-largest carmaker, more than tripled last year on the back of a surge in electric vehicle (EVs) sales and an investment gain from asset disposals. The company’s 2024 profit jumped 213 per cent from a year earlier to 16.6 billion yuan (US$2.3 billion), with sales increasing 34 per cent […]

The dollar climbed on Friday against major peers, including the euro, which was set for its first weekly drop this month, as a busy week for central banks wrapped up and caution remained about the impact of a global trade war. The U.S. dollar index, measured against a basket of six counterparts, was 0.19% higher […]

India’s Manappuram Finance (MNFL.NS) said on Thursday Bain Capital would invest 43.85 billion rupees ($508 million) to acquire an 18% stake in the gold loan provider at a time record prices of the precious metal has made its mortgaging appealing. The asset manager will subscribe to Manappuram’s shares and warrants at 236 rupees apiece, implying […]

Ollie’s Bargain Outlet Holdings (NASDAQ: OLLI) has announced a new $300 million share repurchase authorization effective through March 31, 2029. The company can execute the buyback through open market or privately negotiated transactions. Since initiating its first share buyback in 2019, Ollie’s has repurchased approximately 5.5 million shares worth $414 million. The company maintains a […]

Citigroup paid top executives smaller bonuses last year tied to results of the bank’s turnaround and risk management fixes required by regulators, the bank’s proxy filing on Tuesday showed. The bonuses went to executive management committee members and 250 senior managers considered critical to execute changes required in 2020 by the Federal Reserve and the […]

Bankrupt drugmaker Purdue Pharma filed a new bankruptcy plan on Tuesday, a major step towards finalizing a proposed opioid settlement of at least $7.4 billion after a setback in the U.S. Supreme Court last year. The payments are aimed at resolving thousands of lawsuits alleging that the company’s pain medication OxyContin caused a widespread opioid […]

Chinese data center operator GDS Holdings Ltd. is seeking a $3.4 billion-equivalent loan for its data center operations in Malaysia. The borrowing would be its biggest ever loan. It would also be among the largest financings for the sector by any borrower in Asia. The company’s international arm, DayOne, formerly known as GDS International, is […]

Oil prices traded higher on Monday after the United States vowed to keep attacking Yemen’s Houthis until the Iran-aligned group ends its assaults on shipping. Brent futures rose 41 cents or 0.6%, to stand at $70.99 a barrel by 0336 GMT, while U.S. West Texas Intermediate crude futures rose 40 cents, or 0.6%, to $67.58 […]

British finance minister Rachel Reeves’ headroom for meeting her budget rules has probably turned into a 4.4 billion-pound ($5.7 billion) deficit, requiring tough measures next week to get her back on track, a think tank said on Monday. The Resolution Foundation called on Reeves to tread carefully with any reductions to welfare spending – which […]

Australia will provide ANZ with a decade-long loan guarantee of A$2 billion ($1.26 billion), to ensure the bank maintains the branch network across the Pacific, a move seen as a diplomatic win amid growing regional competition with China. The federal government considers the likelihood of the guarantee being called is “very low”, and the agreement […]

SoftBank plans to transform a former Sharp LCD panel factory in Osaka, Japan, into a data center to support AI initiatives, as reported by the Nikkei. The project will involve an estimated investment of $677.05 million for acquisition and development, with operations expected to begin in 2026. The data center will feature a power capacity […]

Industrial and Commercial Bank of China, the world’s biggest commercial lender by assets, announced on Wednesday the launch of an 80 billion yuan ($11.04 billion) technology and innovation fund to support the private economy. The new fund aims to support “hard technology” via equity investment, referring to areas such as semiconductors and advanced manufacturing over […]

The world’s population is constantly growing and is expected to peak in the mid 2080s at around 10 billion, according to the UN. It is, therefore, no surprise that many continents are seeing new mega-cities emerge. One such mega-city can be found in Africa. The place in question is Lagos in Nigeria, which is on track to become the largest city […]

The Panama Maritime Authority, which oversees shipping and port infrastructure in the country, will request all legal and financial documents from a key transaction between CK Hutchison (0001.HK), and a consortium backed by BlackRock (BLK.N),  minister to presidency Juan Carlos Orillac said on Friday. U.S. BlackRock announced this week that a group of investors, including Global Infrastructure Partners and […]

The ECOWAS currency is expected to serve as a unified medium of exchange, facilitating trade and economic integration across West Africa. Mohammed Manga, Director of Information and Public Relations at Nigeria’s Ministry of Finance, disclosed this during the 11th ECOWAS Convergence Council meeting in Abuja. The meeting, attended by Ministers of Finance and Central Bank […]

Global fund managers are in no rush to load up on Indian stocks even after an unprecedented losing streak has lowered equity valuations. The sentiment illustrates how the highly touted stock rotation from China to India has gone into reverse as growth in the South Asian economy returns to a relatively slower pre-Covid norm amid […]

Iran signed a $17 billion contract on Saturday to implement a pressure-boosting project at the South Pars gas field, with President Masoud Pezeshkian and senior oil industry officials in attendance. The agreement was signed between the National Iranian Oil Company (NIOC) and domestic firms Petropars, Khatam al-Anbiya Construction Headquarters, Oil Industries’ Engineering and Construction (OIEC), […]

Mexican President Claudia Sheinbaum, under US pressure not to allow her country to be a backdoor for Chinese goods, said on Thursday that her government would review its tariffs with Beijing. Mexico imports “many products from China” that have hit domestic industries, Sheinbaum told a news conference shortly after US President Donald Trump suspended tariffs […]

The value of Iran’s non-oil export to Russia increased by 17 percent during the first ten months of the current Iranian calendar year (March 20, 2024-January 19, 2025), as compared to the same period of time in the past year, the spokesperson for the Trade Development Committee of the House of Industry, Mining, and Trade […]

A new four-runway airport is being built in an East African country that’s expected to have the capacity to serve a whopping 110million passengers per year. The airport, dubbed a “Mega Airport City” is being built near the town of Bishoftu, Ethiopia, 25 miles from the capital, Addis Ababa. It’s planned to be constructed in two phases, with the second completed in 2029. Ethiopian […]

Next week’s calendar is packed with major economic reports and influential Fed speeches. However, expect continued mixed signals, with data spanning manufacturing, construction, and the jobs report. Spending on construction projects surprised to the upside at the end of 2024, driven primarily by a rebound in residential construction. In December, residential construction spending reached an […]

The world’s richest cities are spread across multiple continents. In Europe, London and Paris often compete for the top spot, while in Asia, cities like Hong Kong and Tokyo dominate. But when it comes to overall wealth, one city stands above the rest – not just on its continent, but on the entire plan. The latest Henley & Partners’ World’s Wealthiest Cities Report […]

Dangote Cement’s revenue hit $2.4 billion in 2024, up 62% from $1.47 billion in 2023, driven by strong Nigerian and Pan-African sales. The company posted a $335.75 million profit despite increased expenses, though Pan-African operations reported a $16.3 million loss. Dangote Cement proposed a N30 ($0.02) per share dividend for 2024, maintaining payouts while total […]

Taiwanese chipmaker TSMC’s huge investment plan in the U.S. is adding more pressure on Samsung Electronics and SK hynix to follow suit, amid U.S. President Donald Trump’s increasing threats of tariffs and other economic disadvantages to its trade partners. TSMC made the decision to invest an additional $100 billion in the U.S. state of Arizona […]

Saudi energy giant Aramco reported a net profit of SR398.42 billion ($106.2 billion) in 2024, despite challenging market conditions, including lower prices for crude oil, refined products, and chemicals. In a press statement, the company revealed that its net profit declined by 12.39 percent from $121.3 billion in the previous year. Despite the earnings decline, […]

President Trump is heading to Capitol Hill tonight to deliver the first joint address to Congress of his second term. The president said Monday that Tuesday night “WILL BE BIG,” with the economy undoubtedly a major focus. But his speech also comes the same day he moves forward on what will be his signature economic move to […]

Kazakhstan has ramped up oil production, with the country’s crude oil and gas condensate–a type of light oil- output hitting a record high of 2.12 million barrels per day in February, good for a 13% increase from January. Excluding gas condensate, crude oil production increased 15.5% m-o-m to 1.83 million bpd. The OPEC+ member has been able […]

More than 44,000 new jobs are expected in Saudi Arabia after the Kingdom issued 1,346 industry licenses in 2024, an official report has revealed. The Ministry of Industry and Mineral Resources announced that the permits have also helped attract investments worth over SR50 billion ($13.3 billion), driving economic growth and diversification. The ministry added that […]

Hong Kong is a key market for the bank to achieve its goal of accumulating US$200 billion of net new money in the next four years Standard Chartered, one of Hong Kong’s three note-issuing banks, will continue to hire additional private bankers and open more new wealth management centres in the city as part of […]

China plans to start re-capitalizing three of its biggest banks in coming months, according to people familiar with the matter, following through on a broad stimulus package unveiled last year to shore up the struggling economy. Authorities are looking to inject at least 400 billion yuan ($55 billion) of fresh capital into the first batch […]

Gold isn’t just a shiny metal—it’s a financial anchor, a technological asset, and a cultural symbol. As economies fluctuate and geopolitical tensions rise, gold remains a powerhouse in global trade. In 2023, several nations solidified their positions as dominant players in gold production, each with its own strategy, challenges, and ambitions. With an impressive 12,000 tons of gold produced in 2023, Australia isn’t […]

Investors on the Nigerian Stock Exchange (NGX) traded 1.848 billion shares worth N51.387 billion in 63,090 deals during the week. NGX, in its weekly report, made available in Lagos, said this n contrast to 2.001 billion shares valued at N49.486 billion that exchanged hands last week in 70,853 deals. Consequently, the value of transactions traded […]

The Angolan government is negotiating a loan of up to US$1 billion (€950 million) with Spanish bank Bilbao Vizcaya Argentaria (BBVA), revealed financial news agency Bloomberg, citing people involved in the process. The loan, says the agency, will be used to finance public investments in various areas that will encourage the diversification of the economy […]

As global competition intensifies for the resources powering modern technology, Ukraine’s vast mineral wealth has become a critical bargaining chip in deals concerning its security. United States President Donald Trump has framed mineral agreements as a way for Ukraine to repay military aid it has received, turning access to these resources into a focal point of negotiations. […]

New sovereign wealth fund Danantara Indonesia will focus on large-scale projects generating good returns as it prioritises sectors championed by the government to increase economic growth and create jobs, its chief investment officer told Reuters. Danantara, which was launched this week and is slated to eventually manage more than $900 billion worth of assets including government stakes […]

The European Investment Bank (EIB) has committed to join Africa Finance Corporation (AFC) in financing a $750 million Infrastructure Climate Resilient Fund (ICRF). This landmark initiative will accelerate climate adaptation and sustainable infrastructure across Africa. As part of this commitment, the EIB today confirmed it will invest $52.48 million in the Fund, which is managed […]

The Qatar Investment Authority is leveraging its over-$500 billion in assets to attract venture capital firms to the hydrocarbon-rich state. The sovereign wealth fund’s $1-billion fund of funds program — which invests in both international and regional VC funds — is designed to bolster investments in areas such as technology and health care, as Qatar […]

CHINA has reaffirmed its unwavering support for Zimbabwe’s economic growth by injecting multi-million-dollar investments, particularly in the mining and industrial sectors, further strengthening bilateral relations between the two nations. Zimbabwe has witnessed a surge in foreign investment with Chinese firms playing a pivotal role, particularly in mining, which remains the backbone of the economy. The […]

Saudi Arabia’s economic diversification efforts and the robust expansion of the non-oil sector, in line with its Vision 2030, are set to drive significant economic growth in 2025, according to a recent analysis. First Abu Dhabi Bank, in its latest report, predicts that Saudi Arabia’s non-energy gross domestic product will grow by 4.4 percent in […]

More than 44,000 new jobs are expected in Saudi Arabia after the Kingdom issued 1,346 industry licenses in 2024, an official report has revealed. The Ministry of Industry and Mineral Resources announced that the permits have also helped attract investments worth over SR50 billion ($13.3 billion), driving economic growth and diversification. The ministry added that […]

Korean stocks tumbled over 3 percent Friday, dragged down by a possible tariff war threat by U.S. President Donald Trump and a slump in artificial intelligence (AI) chip giant Nvidia. The local currency fell sharply to a three-week low against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 88.97 points, or […]

Mexico’s state oil giant, Pemex, has reported a staggering 190.5 billion-peso ($9.1 billion) loss for Q4 2024, marking a sharp reversal from its profit a year ago. The company attributes this financial bloodbath to soaring operational costs, asset devaluations, and currency exchange losses—painting an increasingly grim picture for the world’s most indebted oil company. Crude […]

Meg Energy Corp. says it earned $106 million in its fourth quarter, up from $103 million a year earlier. The Calgary-based company says revenues totalled $1.15 billion, down from $1.44 billion during the same quarter last year. Diluted earnings per share were 40 cents, up from 37 cents a year earlier. Bitumen production averaged about […]

Eni SpA (NYSE: E) on Thursday reported a 46% plunge in its adjusted net profit for the fourth quarter of 2024, missing analyst forecasts as lower oil and gas prices and refining margins more than offset higher upstream production. Eni booked an adjusted net profit of $935 million (892 million euros) for the fourth quarter, below the […]

Arab stock markets recorded a positive performance in January for the second consecutive month, mirroring the upward trajectory of global exchanges. According to the latest Arab Monetary Fund report, the gains came after markets worldwide rebounded from the declines observed in December, driven by improving investor sentiment, monetary policy adjustments, and strong corporate earnings in […]

Canadian lender TD Bank appointed Guidepost Solutions as the compliance monitor for its anti-money laundering program after U.S. regulators hit the lender with $3 billion in penalties last year. Guidepost Solutions will monitor TD’s business in the United States as part of a multi-year program to fix TD’s anti-money laundering problems and strengthen its controls. […]

Chinese IT services company Unisplendour is planning to raise US$1 billion from a stock listing in Hong Kong this year, according to a source familiar with the matter. The company joins a growing number of mainland-listed companies making their way to Hong Kong to raise funds amid improved stock market sentiment and regulatory support. The […]

Russian President Vladimir Putin said he is open to offering the US access to rare minerals, including from Russian-occupied Ukraine. This comes after US President Donald Trump has repeatedly pushed for Ukraine to give up some of its minerals in exchange for support, in a deal which is currently being finalised, according to a Ukrainian minister. […]

Korean and Japanese venture investment institutions are creating a global fund amounting to 29 billion won to invest in startups in both countries. The government expects that the global fund will play a significant role in investing in Korean and Japanese startups and facilitating exchanges between the venture investment ecosystems of both countries. On the […]

Hyundai Rotem has secured a 2.2 trillion won ($1.4 billion) contract to supply advanced trains to Morocco, the company said Wednesday. Under the deal, Hyundai Rotem, the train manufacturing subsidiary of Hyundai Motor Group, will supply double-decker electric trains to ONCF, Morocco’s national railway operator, marking its first entry into the Moroccan market. The contract […]

The government of Indonesia has officially launched its new sovereign wealth fund, Daya Anagata Nusantara Indonesia (Danantara Indonesia), with a massive US$20 billion earmarked for its initial investment phase. President Prabowo Subianto unveiled the fund, also known as Danantara Indonesia, at a formal ceremony. Danantara aims to boost Indonesia’s economic growth from approximately 5 per […]

osits in the 2023/2024 fiscal year compared to the previous 12-month period, official data has revealed. The Central Agency for Public Mobilization and Statistics reported that total banking deposits reached 11.99 trillion Egyptian pounds ($237 million), reflecting increased banking activity across various economic sectors. This growth comes as inflation peaked at 38 percent in September […]

Saudi Arabia’s economic diversification strategy is transforming local capital markets and driving regional growth, positioning the Gulf Cooperation Council as an emerging financial hub, according to a Moody’s report. The Kingdom’s ambitious Vision 2030 plan is reshaping the nation’s financial landscape, with capital markets crucial for funding large-scale investment projects and attracting global investors. The […]

Saudi Arabia recorded a trade surplus of SR44.89 billion ($11.97 billion) in the fourth quarter of 2024, driven by a 17.3 percent year-on-year surge in non-oil exports, official data showed. According to the General Authority for Statistics, the Kingdom’s non-oil exports in the fourth quarter rose to SR82.05 billion, up from SR69.97 billion in the […]

Bitcoin tumbled below $90,000 to hit the lowest level since mid-November, as the rally that followed Donald Trump’s election to the White House reverses under the weight of his trade tariffs and a string of industry setbacks. Bitcoin dropped as much as 7.6% and traded around $88,300 at 11:38 a.m. London on Tuesday. Other cryptocurrencies […]

The 2021–2025 National Development Plan (NDP), which aimed to lift 35 million people out of poverty and create 21 million full-time jobs by 2025, has joined the long list of the country’s failed economic blueprints. Instead of reducing poverty, the plan has seen an additional 44 million Nigerians plunged into extreme poverty. In 2021, the […]

Saudi Agricultural and Livestock Investment Co. has struck a $1.78 billion deal for a controlling stake in Singapore-based Olam Agri Holdings. The agreement will raise SALIC’s stake from 35.43 percent to 80.01 percent, with an option to acquire the remaining 19.99 percent within three years, the company said in a statement, adding that the transaction […]

The report identifies that cashback spending is expected to experience significant growth in Vietnam, with a projected surge of 16.6 per cent annually. The medium- to long-term outlook for cashback spending in the country remains robust, with adoption anticipated to increase steadily until 2029. Cashback programmes in Vietnam are reshaping consumer behaviour and driving growth […]

The statement was made by Cho Hyun-joon, chairman of Hyosung Group, at a meeting with Prime Minister Pham Minh Chinh in Hanoi on October 14. Chairman Cho Hyun-joon said that Hyosung was the third-largest direct investor from South Korea in Vietnam. The group has so far invested about $4 billion and generated some 10,000 jobs in […]

The two power plants have a total planned capacity of 1,624MW and are expected to contribute more than nine billion kWh of electricity per year. At present, PV Power and its contractors are focusing on completing the final steps ahead of the pilot operation period. PV Power currently operates Vung Ang 1 thermal power plant, […]

Russia and the United States held their first face-to-face talks on ending the Ukraine war on Feb. 18 in Saudi Arabia and both US President Donald Trump and Russian President Vladimir Putin have said they hope to meet soon. After Putin sent troops into Ukraine in 2022, the United States and its allies prohibited transactions with Russia’s […]

In a major retaliatory move against China, the United States is proposing expensive charges that could add millions of dollars in costs for ocean container lines and other carriers calling U.S. ports. The proposal by the office of  the United States Trade Representative (USTR), published Friday in the Federal Register, sets fees as high as $1.5 […]

In an effort to help regulators bring some oversight to the crypto sector, the Financial Stability Board (FSB) is setting out to review the implementation of its previously issued, high-level recommendations for the sector — and ultimately to provide advice to regulators on dealing with implementation issues.  In 2023, the global policy group issued its […]

The Economic Commission for Africa (ECA) and the African Continental Free Trade Area (AfCFTA) have signed a Memorandum of Understanding (MoU) to enhance trade implementation on the continent. A statement by the Executive Secretary of ECA, Claver Gatete, on Tuesday said the MoU was signed at the Africa Business Forum (ABF 2025) in Addis Ababa, […]

Gold’s price surge past $2,700 per ounce in October 2024 marked the beginning of a sustained rally. The momentum has only strengthened in 2025, with investors continuing to push the precious metal to new price highs. Several forces power this remarkable rise, including inflation concerns and central bank purchases. But what’s particularly interesting is gold’s relationship with the U.S. dollar. While […]

Canadian miner Barrick Gold has signed a new agreement with the Malian government to end an almost two-year-old dispute over its mining assets in the West African country, four people familiar with the developments . Barrick has signed the agreement and it is now up to Mali’s government to formally approve the deal, the sources […]

During the recent price drop, only a few cryptocurrencies have managed to resist a massive decline, and SUI, the native token of the Sui blockchain, is one of them. The asset’s daily chart shows that SUI has remained above the crucial support level of $3 and the 200 Exponential Moving Average (EMA). Based on recent […]

The American Petroleum Institute (API) estimated that crude oil inventories in the United rose by 3.34 million barrels for the week ending February 14. Analysts had expected a 2.2-million-barrel build. This adds to the almost 18 million barrels of builds in U.S. crude oil inventories during the last four weeks, including a 9 million barrel […]

A look at the day ahead in European and global markets from Ankur Banerjee A bevy of tariff headlines this week along with geopolitical worries has left investors wary and weary, taking stocks lower in Asian hours, gold to a record peak and the yen to its highest in over two months as sentiment remains […]

Sudan and Iran have agreed to enhance bilateral relations through strengthened cooperation in trade, diplomacy, and post-war reconstruction, Sudan’s state news agency reported on Tuesday. Sudanese Foreign Minister Ali Yusuf met with his Iranian counterpart, Abbas Araghchi, in Tehran on Monday to discuss ways to expand ties and establish a structured plan for long-term collaboration, according […]

HSBC Holdings, the biggest commercial lender in Hong Kong, on Wednesday reported 2 per cent profit growth for 2024, as gains from its wealth-management business and cost savings from restructuring offset the impact of interest-rate cuts. Net profit rose 2.2 per cent to US$22.9 billion or US$1.25 per share from US$22.4 billion a year earlier, […]

Binance, one of the world’s largest cryptocurrency exchanges, is shaking up its trading platform once again. The exchange has announced the removal of five spot trading pairs as part of its regular market review. This change, set to take effect on February 21, 2025, at 03:00 (UTC) where applicable, is aimed at keeping the platform efficient and user-friendly. According […]

This represents a 26.4 percent year-on-year (YoY) increase when compared with $14.83 billion recorded in the corresponding period of 2023. Breakdown of the Central Bank of Nigeria, CBN, Monthly Economic Report for the review period showed that exports fell by 1.98 percent YoY to $51.18 billion from $52.23 billion in the same period of 2023. […]

A little-known biotech company stunned the industry last spring when Summit Therapeutics announced its experimental cancer drug showed greater effectiveness than Merck’s Keytruda. The drug was licensed from Chinese company Akeso Inc., highlighting a growing trend of U.S. companies sourcing breakthrough medicines from China. Almost 30% of Big Pharma deals with at least $50 million […]

The Bank of New York Mellon (BK.N), opens new tab has agreed to pay $5 million to settle U.S. Commodity Futures Trading Commission charges for repeatedly failing to correctly report millions of swap transactions, violating a previous order, the regulator said in a statement on Monday. BNY repeatedly failed to correctly report at least 5 million swap […]

Private equity firms Summit Partners and Vista Equity Partners are exploring a potential sale of Trintech that could value the financial software provider at about $2 billion, including debt, according to people familiar with the matter. Trintech’s owners are working with investment bankers at Deutsche Bank on a sale process that could attract interest from […]

Australia’s bank regulator on Friday raised the amount of spare cash that No. 3 lender ANZ (ANZ.AX), opens new tab must keep on hand due to suspected wide-ranging misconduct at its bond trading unit, the first financial fallout from the growing scandal. The Australian Prudential Regulation Authority (APRA) had been due to review a A$500 million ($335 […]

Citigroup’s (C.N), opens new tab addition of a new section concerning its multi-year reorganization to its quarterly report filed with the U.S. Securities and Exchange Commission in August, followed queries from the markets regulator. The SEC’s letter to Citi, which was sent in June and disclosed on Wednesday, had asked the bank to revise future filings. In […]

Canada’s big six banks will probably set aside a total of C$4.5 billion in loan loss provisions in the third quarter, analysts predicted, up nearly 27% from a year ago, as insolvencies rise and lenders prepare for credit card and other delinquencies in a challenging economy. The banks, which control a big chunk of the […]

The yen rose sharply on Monday and the euro touched its highest this year as the dollar retreated broadly with traders bracing for dovish signals from Federal Reserve meeting minutes and Chair Jerome Powell’s speech at Jackson Hole. The minutes of the Fed’s July meeting, due on Wednesday, and Powell’s speech on Friday are likely […]

 President Joe Biden announced on Tuesday he is putting $150 million in new federal funding towards developing technology to better help surgeons successfully remove cancerous tumors. The award, which Biden touted during a visit to New Orleans, is the latest infusion of cash in Biden’s “Cancer Moonshot,” a program spearheaded by the president and the […]

Family-owned candy giant Mars is buying Cheez-It maker Kellanova (K.N), opens new tab in a nearly $36 billion deal, bringing together brands from M&M’s and Snickers to Pringles and Pop-Tarts in the year’s biggest deal to date. Mars said on Wednesday it will pay $83.50 per share for Kellanova (K.N), opens new tab, representing about a 33% premium to […]

Vista Equity Partners, whose Cloud Software Group includes top enterprise-software providers Citrix and Tibco, aims to raise around $5 billion to extend its investment in the parent company in what would be, if successful, one of the largest deals ever to cross the secondary market for private-equity stakes. Vista, a technology-focused fund manager with assets […]

Family-owned candy giant Mars, whose brands include M&M’s and Snickers, is nearing a deal to acquire Kellanova (K.N), opens new tab, maker of snacks such as Cheez-It and Pringles, for nearly $30 billion, a person familiar with the matter told Reuters on Tuesday. Mars will pay $83.50 per share in an all-cash deal for Kellanova (K.N), opens […]

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 […]

Global private credit firms, including industry leader Ares Management, are increasingly focused on Italy as more small businesses which are the backbone of its economy open up to outside investors, providing buyout deal opportunities. With 140 direct lending deals completed over the past 45 quarters, Italy accounts for just 4.3% of continental Europe’s overall transactions, […]

This decision comes as Ethiopia strives to advance its long-standing debt restructuring. The second most populous country in Africa received a $3.4 billion program from the International Monetary Fund on Monday, following the decision to float its birr currency by the central bank, allowing for progress in its debt restructuring.         Source: africanews

Once abundantly dispersed across China to serve the banking needs of more than a billion people, physical bank branches and ATMs have seen their numbers dwindling as the public embraces e-payment platforms and financial institutions cut costs. And as most of the public can use their phones to conduct banking and monetary transactions, closures have […]

Australia’s Woodside Energy (WDS.AX), opens new tab said on Monday it had agreed to buy U.S. liquefied natural gas developer Tellurian (TELL.A), opens new tab, including its U.S. Gulf Coast Driftwood LNG export project, for $1.2 billion including debt. The agreement could strengthen the United States’ position as the world’s largest producer of the superchilled gas by securing […]

China Bohai Bank (9668.HK), opens new tab said on Monday it is looking to sell 29 billion yuan ($3.99 billion) worth of non performing loans as the faltering Chinese economy and deepening property sector problems pressure lenders to dispose of bad assets. The Tianjin-based bank, 16.2% owned by British lender Standard Chartered (STAN.L), opens new tab, expects a […]

Hong Kong’s bourse operator has expanded its collaboration with two exchanges in the United Arab Emirates (UAE) to pave the way for its companies to list here, as a government advisory body said it plans to examine Islamic finance to align the city’s financial infrastructure with the needs of the Middle East. Hong Kong Exchanges and […]

Asia’s foreign reserves have dropped this year as central banks have intervened to support their currencies, with Japan, Indonesia and South Korea leading the declines. Foreign reserves across 12 countries, from Japan to India, fell about $50 billion to $7.5 trillion by the end of June. They had risen 2.2% in the same period last […]

Several U.S. mid-sized and regional banks reported a fall in their second-quarter profit, as income from charging customers interest was squeezed by higher deposit costs and tepid demand for loans. Most U.S. banks are expecting a decline in net interest income (NII) this year as high interest rates have impeded loan activity, while efforts to […]

THE cut-off yield on the latest Singapore six-month Treasury bill (T-bill) fell to 3.64 per cent, based on auction results released by the Monetary Authority of Singapore on Thursday (Jul 18). This was a 0.1 percentage point drop from the 3.74 per cent offered in the previous six-month auction, which closed on Jul 4. Demand […]

Google parent Alphabet GOOGL -1.58%decrease; red down pointing triangle is in advanced talks to acquire cybersecurity startup Wiz for roughly $23 billion, according to people familiar with the matter, in what would be its largest acquisition ever. A deal could come together soon, assuming the talks don’t fall apart, the people said. Source: WSJ

Hong Kong’s cash-for-residency scheme has opened up opportunities for local family office operators, with many joining hands to launch a US$100 million fund to manage investments for the applicants. Wings Capital, a local family office which has taken the initiative on the fund, said the initial target is to raise US$100 million from applicants of […]

A top U.S. bank regulator warned on Wednesday the agency may begin pushing back against the “worrisome trend” of states adopting laws meant to police national bank activities on political grounds. Michael Hsu, head of the Office of the Comptroller of the Currency (OCC), said in a speech that such measures are pushing “greater fragmentation” […]

The booming non-bank financial industry has created excessive leverage that poses financial stability risks and more reforms are needed to tackle it, including improving disclosure of positions, a Bank of England regulator said on Thursday. Non-bank financial institutions (NBFIs), including hedge funds, private credit providers and insurers, have become increasingly important. They accounted for $218 […]

Standard Chartered (STAN.L), opens new tab has hired more than a dozen new bankers to its private banking teams in Singapore, Hong Kong and the United Arab Emirates in a bid to grow the affluent business, a bank statement said on Thursday. The hires includes Nicholas Cheng, who joined as managing director, head of private markets group. […]

Goldman said second-quarter profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank’s results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business. Companywide revenue rose a more modest 17% to $12.73 billion on growth in the bank’s core trading, advisory, […]

Gold jumped to a record Tuesday as rising expectations of a September interest rate cut bolstered demand for bullion. Gold futures settled up 1.6% to an all-time closing high of $2,467.8 per ounce, after also hitting a new intraday record high of $2,474.5 during the session. Gold futures prices have climbed more than 19% this year. […]

The South African Revenue Service (SARS) has officially opened tax season 2024, with the two-week pre-season auto-assessment rollout window now closed. Taxpayers who have not received an auto-assessment—or who did not accept the assessment from SARS—will not be required to manually file an ITR12 tax return. Key filing dates Tax Season 2024 Start date End […]

 Swedish bank Handelsbanken (SHBa.ST), opens new tab beat second-quarter net profit expectations on Wednesday as robust interest income and credit quality helped take some of the sting out of lingering high costs, sending its shares sharply higher. Net profit fell to 6.79 billion crowns ($641 million) from 7.10 billion a year ago, but topped the 6.22 billion […]

Morgan Stanley’s (MS.N), opens new tab second-quarter profit beat expectations on Tuesday, driven by a surge in investment banking and trading revenues that overcame muted results in wealth management. The bank joined other Wall Street lenders, including Bank of America (BAC.N), opens new tab and JPMorgan (JPM.N), opens new tab in reporting higher investment banking revenue, fueled by growing confidence in […]

A resurgence in investment banking helped Morgan Stanley’s (MS.N), opens new tab profit beat Wall Street expectations for the second quarter, but weakness in its key wealth business sent the bank’s shares nearly 3% lower before the bell on Tuesday. Revenue growth in the wealth management segment slowed to 2% in the second quarter, compared with a […]

Poland’s antitrust and consumer protection watchdog imposed a fine of 106.6 million zlotys ($27.3 million) on PayPal Europe for failing to spell out to consumers in its contractual clauses activities for which they may be fined, UOKiK said on Monday. UOKiK said that prohibited activities which could incur penalties were described in an unclear way […]

Swiss biotech company Asceneuron said on Tuesday it had raised $100 million from investors including the controlling shareholder of Wegovy maker Novo Nordisk to fund clinical development of its Alzheimer’s disease drug. The Series C round was led by Novo Holdings, the investment arm of the Novo Nordisk Foundation, which will hold a board seat […]

Goldman Sachs’ (GS.N), opens new tab profit more than doubled in the second quarter and beat analysts’ estimates on strong debt underwriting and fixed-income trading, but slipped from a bumper first quarter when earnings were the highest since 2021. The resilience of the U.S. economy has given corporate executives the confidence to pursue acquisitions, debt sales and stock offerings. […]

India’s goods and services exports likely rose 5.4% year-on-year to $65.47 billion in June, driven by a pick-up in orders that could push total exports to $800 billion in the current fiscal year ending in March 2025, the trade secretary said on Monday. Merchandise imports (INIMP=ECI), opens new tab in Asia’s third-largest economy rose 5% to $56.18 […]

The President of Dangote Group announced this during a media briefing at the Dangote Refinery. The decision to list the two subsidiaries comes as the conglomerate aims to expand its investor base and unlock additional value for shareholders. What Dangote said: “Because of the nature of the business we have, both the refinery and the […]

Four Australian banks will give back a total of A$28 million ($18.95 million) to low-income customers, after a review by the corporate regulator found these customers had been kept in high-fee bank accounts despite being eligible for cheaper products. A report released by the Australian Securities and Investments Commission (ASIC) on Monday said ANZ (ANZ.AX), opens […]

France has no more financial leeway in its budget and needs to urgently focus on reducing its debt, the head of the country’s national audit office said on Monday. Pierre Moscovici told France Inter radio that whoever emerges in France’s next government, from the current political gridlock following snap elections, needed to prioritise on urgently […]

 The German bank regulator BaFin said on Friday that it had threatened to fine Berlin-based Solaris if it doesn’t meet deadlines to improve anti-money laundering controls and other shortfalls. BaFin also said that it was extending the mandate of a special monitor installed since 2022 to oversee progress. Solaris said that it was continuing “to […]

Yoma Strategic, through its subsidiary Myanmar Motors, has entered into a strategic agreement to purchase the remaining shares it doesn’t already own in Yoma Fleet. According to a report by The Edge  Singapore published on Thursday (27 June), Myanmar Motors finalised a share exchange deal with Tokyo Century Asia to acquire Tokyo Century Asia’s 20% stake […]

China’s central bank is widely expected to leave a medium-term interest rate unchanged and drain some cash from the banking system when rolling over such maturing loans on Monday, a Reuters survey showed. While the economy continues to sputter, a weak Chinese currency has remained the key constraint limiting Beijing’s monetary easing efforts, as that […]

BNY (BK.N), opens new tab beat Wall Street’s expectations for second-quarter profit on Friday, as strong investment service fees more than offset lower interest income, sending the world’s largest custodian bank’s shares up more than 3% in premarket trading. The bank’s assets under management climbed 7% to $2.05 trillion from a year earlier, as more investors aimed […]

China and the Middle East have the potential to revitalise their historical link through financial collaborations, but more mutual understanding is needed, according to Wei Zhen, a managing director at MSCI. The index provider, which first included Saudi Arabian stocks in its Emerging Markets Index in 2019, has helped to put the kingdom on the […]

 has agreed to be acquired by private-equity firm Bain Capital in a deal that values the wealth technology platform at $4.5 billion. Envestnet on Thursday said Bain will pay $63.15 a share, a 2.4% premium to Wednesday’s closing price of $61.70 for the Berwyn, Pa., company and is nearly 12% above Envestnet’s closing price of […]

Britain’s markets watchdog on Thursday paved the way for the biggest shake-up in three decades of rules for companies listing on the London Stock Exchange as it seeks to catch up with New York and the European Union post-Brexit. The regime, which aims to attract a wider range of listings by reducing red tape, is […]

 Polar Capital (POLR.L), opens new tab on Thursday reported a 7% rise in assets under management to 23.5 billion pounds ($30.2 billion) in the quarter to end-June, boosted by net inflows of 644 million pounds and rising interest in funds managed by its emerging markets and Asian Stars teams. Chief Executive Gavin Rochussen said the inflows since […]

 U.S. regional banks will probably stockpile more rainy-day funds and stay conservative on stock buybacks as losses from commercial real estate (CRE) loans are expected to pressure their earnings, analysts said. As regional lenders prepare to report second-quarter results next week, they continue to face tough scrutiny from investors over potential weakness from CRE and […]

As seen in the Ugandan newspaper, The Monitor, Uganda generated an additional Shs44 billion from oil tax revenues during the June 30, 2023 financial year. This figure contained in the Petroleum Fund Report for the period relayed that Uganda made a total of Shs125.9 billion in oil tax revenues, during the period under review, a 54% increase […]

The gap in returns between the S&P 500 and the index’s equal-weighted counterpart is at its widest in 15 years, underscoring the need to diversify beyond AI heavyweights such as Nvidia. The S&P 500 is at record levels mostly due to a handful of megacap stocks such as Microsoft (MSFT.O), opens new tab and Nvidia (NVDA.O), opens new […]

China’s Ping An Insurance is considering convertible bond sale worth up to $5 billion, according to two sources with direct knowledge of the matter. The bond sale could raise between $2 billion and $5 billion, according to one of the sources. A deal is expected in the next few weeks, the sources added. They could not be named discussing confidential information. In a Hong Kong Stock Exchange filing on […]

July 10 (Reuters) – BNP Paribas (BNPP.PA), opens new tab has entered into a comprehensive partnership agreement with Mistral AI, covering all its current and future commercial models, the French bank said on Tuesday. The deal, which expands a relationship that started in September, will see BNP Paribas implement Mistral AI’s large language models across multiple business […]

LONDON, July 9 (Reuters) – Anglo American (AAL.L), opens new tab has hired three banks for the sale of its steelmaking coal assets, which analysts value at as much as $5 billion and is part of a broader restructuring to fend off an approach from rival BHP (BHP.AX), opens new tab, two sources close to the matter said […]

July 8 (Reuters) – HSBC (HSBA.L), opens new tab has been fined HK$24 million ($3.07 million) for offering incentives to “unregistered intermediaries” to get clients to join its Mandatory Provident Fund (MPF) scheme in 2020 and 2021, Hong Kong’s pension regulator said. The Mandatory Provident Fund Schemes Authority (MPFA) also said that it disqualified Yip Sze Ki, […]

TOKYO—Japan would love to strengthen the yen, with the currency’s value at a nearly 38-year low. And it owns one of the world’s biggest dollar stashes. Many analysts say Tokyo is getting ready to redirect some of those government-controlled dollars back into yen assets, a decision that could ripple through global financial markets, given the sums […]

LONDON, July 9 (Reuters) – As HSBC (HSBA.L), opens new tab prepares to name its third CEO in nine years, the bank is exploring financial incentives and reallocating key projects to retain those who miss out on the top job, two people with knowledge of the discussions told Reuters. Europe’s biggest bank could reassign its technology transformation […]

Devon Energy DVN -1.65%decrease; red down pointing triangle has agreed to acquire Grayson Mill Energy, a oil-and-gas producer in the Williston Basin, in a cash-and-stock deal valued at $5 billion. The Oklahoma City-based Devon said Monday that it would pay $3.25 billion in cash and $1.75 billion in stock to acquire Grayson Mill, which operates drilling rigs in […]

ST.PETERSBURG, July 3 (Reuters) – Russia’s central bank told businesses they should use “multiple choice solutions” including cryptocurrencies and other digital assets to facilitate payments with foreign partners to counter Western sanctions imposed over the Ukraine conflict. Russia’s booming trade with China, India, the United Arab Emirates, Turkey and other countries which have not imposed […]

TAIPEI, July 7 (Reuters) – Taiwan’s central bank said on Sunday that it has no timetable for launching a digital currency, warning the process will be “huge and complex”, but it will hold public hearings on the matter next year to spread knowledge. Taiwan’s central bank has been working on a pilot for a government-run […]

ROME, July 5 (Reuters) – UniCredit (CRDI.MI), opens new tab is willing to consider M&A opportunities if financial conditions are right, but they are not a must, Chief Executive Andrea Orcel said in an interview published on Friday. “M&A is a possibility, not an compulsory choice,” Orcel told Italian regional newspaper La Sicilia. Italy’s second-largest bank has […]

TORONTO, July 5 (Reuters) – TD Bank’s (TD.TO), opens new tab chief compliance officer has left the bank, according to a memo sent internally, at a time the Canadian lender faces U.S. regulators and the Justice Department in a probe related to its anti-money laundering program. Monica Kowal, who joined the bank in 2017, left the company this […]

uly 3 (Reuters) – Private equity firm KKR & Co (KKR.N), opens new tab agreed to acquire Varsity Brands, a U.S. maker of sports uniforms and school yearbooks, from buyout firm Bain Capital for about $4.75 billion, including debt, people familiar with the matter said on Wednesday. KKR will own Varsity Brands through its Americas private equity fund, […]

July 5 (Reuters) – HSBC (HSBA.L), opens new tab is attracting initial interest from peers including BNP Paribas SA (BNPP.PA), opens new tab and UBS Group AG (UBSG.S), opens new tab, for the sale of its German wealth management unit, Bloomberg News reported on Thursday, citing people familiar with the matter. Julius Baer (BAER.S), opens new tab is also among potential bidders […]

MADRID, July 5 (Reuters) – BBVA’s (BBVA.MC), opens new tab Chair Carlos Torres on Friday told its shareholders that he was fully confident of the success of its 12-billion-euro takeover for smaller rival Sabadell (SABE.MC), opens new tab. The bid, which is opposed by the Spanish government, was rejected by Sabadell’s board, prompting BBVA to launch in May a hostile offer directly to Sabadell’s […]

BENGALURU, June 27 (Reuters) – Indian private lender RBL Bank (RATB.NS), opens new tab said on Thursday it will raise up to 65 billion rupees ($779 million) through a combination of qualified institutional placement (QIP) of shares and debt sale. The bank will raise 35 billion rupees through QIP and 30 billion rupees through issue of debt […]

June 28 (Reuters) – The euro was on track for its biggest monthly fall since January as political uncertainty weighed in the run-up to France’s general elections, while the dollar jumped to a near four-decade high against the battered yen ahead of key inflation data. Investors fear that a new French government could increase fiscal […]

SYDNEY, June 27 (Reuters) – (This June 27 story has been corrected to fix the spelling of the name ‘Dhupelia’ in paragraph 10) A possible revival in IPOs in Hong Kong after a pickup in Chinese regulatory approvals, and a string of mega deals in India are expected to make Asia a bright spot for […]

June 27 (Reuters) – Big U.S. banks had enough capital to weather a potentially severe economic downturn but some of their risky businesses could hypothetically take a major hit this year, according to results of the Federal Reserve’s annual stress test. The 31 banks that participated showed they could withstand, opens new tab a spike in joblessness and stresses in […]

FRANKFURT, June 28 (Reuters) – Euro zone countries should not cut bank capital buffers and some should even increase them given record profits in the sector and clouds on the horizon, the European Central Bank said on Friday. Lending has all but come to a halt in the euro zone for the past year as […]

LONDON, June 27 (Reuters) – Lloyds Banking Group (LLOY.L), opens new tab is set to make an extra 300 million pounds ($380 million) a year in revenue by 2026 from its business banking unit, CEO Charlie Nunn said on Thursday, as corporate confidence picks up in Britain despite challenges. The British bank’s Business and Commercial Banking (BCB) […]

WASHINGTON—Big U.S. banks passed their latest annual stress test, with the Federal Reserve finding they would be able to continue lending to households and businesses in a severe recession, even while suffering steeper losses than last year’s tests. This year’s exercise measured the 31 biggest banks’ ability to maintain strong capital levels in a hypothetical […]

JPMorgan Chase said late Wednesday that the Federal Reserve overestimated a key measure of income in the giant bank’s recent stress test, and that its losses under the exam should actually be higher than what the regulator found. The bank took the unusual step of issuing a press release minutes before midnight ET to disclose its response to the Fed’s findings. […]

LONDON, June 27 (Reuters) – Risk management in the private equity sector needs improving, particularly as the period of low interest rates leads to higher financing costs in the highly leveraged industry, the Bank of England said on Thursday. The BoE said in its twice-yearly Financial Stability Report that the an investigation of the sector […]

MUMBAI, June 27 (Reuters) – Indian banks’ capital position remains robust, supported by high profits, and their asset quality should further improve through March next year, a report released by the central bank on Thursday showed. Banks’ bad loans, or gross non-performing asset ratio, slipped to a multi-year low of 2.8% in March 2024 from […]

LONDON, June 26 (Reuters) – British investment trusts Alliance Trust (ATST.L), opens new tab and Witan (WTAN.L), opens new tab have agreed to merge to create a company managing 5 billion pounds ($6.33 billion) of assets, in the latest example of consolidation in the fund management sector. The newly formed Alliance Witan is expected to be eligible to join […]

Crossover Markets, a superfast execution-only trading platform for cryptocurrencies, has raised a $12 million Series A led by Illuminate Financial and DRW Venture Capital. Crypto trading is evolving such that it can cater to both those players who want the simplicity of a vertically integrated model, as well as those institutions further up the ladder […]

LONDON, June 26 (Reuters) – British investment trusts Alliance Trust (ATST.L), opens new tab and Witan (WTAN.L), opens new tab have agreed to merge to create a company managing 5 billion pounds ($6.33 billion) of assets, in the latest example of consolidation in the fund management sector. The newly formed Alliance Witan is expected to be eligible to join […]

LONDON, June 26 (Reuters) – European stock markets were higher on Wednesday as the market braced for a French election and a key U.S. inflation reading, while the yen lurked just shy of 160 per dollar level, keeping traders on alert for possible intervention. Risk sentiment in Europe was broadly positive after a rebound in […]

OSLO, June 26 (Reuters) – Norway’s largest pension fund KLP said on Wednesday it will no longer invest in Caterpillar Inc (CAT.N), opens new tab because of risk that equipment sold by the U.S. group to Israel is used to demolish Palestinian homes and infrastructure, including in the Gaza war. The maker of bulldozers and other heavy […]

June 25 (Reuters) – The surge in investment in private debt is “more money for old rope”, BNP Paribas Wealth Management global chief investment officer Edmund Shing said on Tuesday. Shing said private assets were an essential for clients with large enough portfolios that could lock up their capital over a longer time frame, but […]

UBS Group has agreed to sell the majority of its stake in Credit Suisse’s China venture to a Beijing-backed fund, dealing a blow to the ambitions of Ken Griffin’s Citadel Securities to expand in the world’s second-largest economy. Under the deal, which values the money-losing business at US$253.4 million, the Swiss lender will sell a […]

Ledgers of the failed fintech middleman Synapse show that nearly all the deposits held for customers of the banking app Yotta went missing weeks ago, according to one of the lenders involved. A network of eight banks held $109 million in deposits for Yotta customers as of April 11, Evolve Bank & Trust said in a bankruptcy court letter filed late Thursday. About […]

MUMBAI, June 25 (Reuters) – India’s markets regulator is likely to tighten rules for stocks to be eligible for derivatives trading and ask brokers and mutual funds to stop enlisting unregistered financial influencers for their marketing campaigns, two sources with direct knowledge of the matter said. These steps, aimed at preventing market manipulation following the explosive […]

DUBAI, June 25 (Reuters) – UBS (UBSG.S), opens new tab has strengthened its wealth management team in the Middle East with 10 new hires, it said on Tuesday, as the Swiss bank moves to tap into the influx of expatriates and growing population of rich individuals in the region. UBS said in a statement it was updating […]

MUMBAI, June 24 (Reuters) – India’s Kotak Mahindra Bank (KTKM.NS), opens new tab will increase its pace of opening new branches and add about 175 to 200 branches in the financial year 2024-25, a senior official at the bank said, months after the central bank barred the private lender from sourcing new customers digitally. In April, the […]

The timing of an initial public offering, which would likely be London’s biggest in more than a decade, wasn’t immediately clear as Shein is still awaiting approval from the Chinese securities regulator, the people said. An IPO could value the fast fashion giant at about £50 billion ($63.3 billion), Bloomberg reported this month. The preparations […]

BEIJING/HONG KONG, June 24 (Reuters) – UBS (UBSG.S), opens new tab is selling a partial stake in one of its securities joint ventures to Beijing State-owned Asset Management (BSAM), a key step for the Swiss bank as it consolidates operations in China after its merger with Credit Suisse. Its joint venture partner Founder Securities said in a […]

June 21 (Reuters) – U.S. bank regulators said four major banks had shortcomings in their “living wills” – or plans that outline how they could be safely wound down if they went bankrupt or came under pressure. The four lenders – Citigroup (C.N), opens new tab, Bank of America (BAC.N), opens new tab, Goldman Sachs (GS.N), opens new tab and JPMorgan […]

BEIJING/HONG KONG, June 24 (Reuters) – UBS (UBSG.S), opens new tab is selling a partial stake in one of its securities joint ventures to Beijing State-owned Asset Management(BSAM), a key step for the Swiss bank as it consolidates China operations after its merger with Credit Suisse. Its joint venture partner Founder Securities said in a filing on […]

Cybersecurity provider Huntress has raised $150 million in Series D funding, as it weighs a potential public offering in the next few years. The round was led by venture-capital companies Kleiner Perkins and Meritech Capital, along with existing investor Sapphire Ventures. Huntress, based in Columbia, Md., primarily serves small to midsize businesses. The funds will […]

The kingdom hauled in more than $54 billion this year to fund its massive spending ambitions—equivalent to about 5% of its gross domestic product. It loaded up on debt, sold shares in crown-jewel oil company Aramco and cashed out bets on U.S. tech giants.         Source: WSJ

June 17 (Reuters) – Singapore-based investment firm Temasek Holdings (TEM.UL) will invest up to A$300 million ($198.4 million) in Australian exchange-traded fund manager Betashares, the company said on Monday. The funding is expected to drive the expansion of Betashares’ offerings in Australia and overseas, it said in a statement. With the investment, Temasek will hold […]

HAVANA, June 20 (Reuters) – Russia’s Novikombank said on Thursday it had become the first bank from the country to open a representative office in Cuba as part of growing economic ties between the former Cold War allies. The Russian state-owned bank said in a statement that Cuba’s central bank had granted it a license […]

FRANKFURT/LONDON, June 21 (Reuters) – State Street (STT.N), opens new tab, BNP Paribas (BNPP.PA), opens new tab and Caceis are lining up as potential bidders for the sale of HSBC Germany’s fund administration unit INKA and custody business, three sources familiar with the matter told Reuters. The process is due to launch in the next couple of weeks, […]

LONDON, June 20 (Reuters) – Aircraft leasing firms have struck settlements with Russia totalling around $2.7 billion for over a quarter of the roughly 400 aircraft stuck in the country since Moscow’s invasion of Ukraine in 2022. In return, international lessors handed ownership of the planes to state insurance company NSK, which transferred them to Russian airlines. […]

FRANKFURT, June 20 (Reuters) – Germany has fined Citigroup nearly 13 million euros ($13.94 million) for lapses in its trading system controls, the nation’s bank regulator said on Thursday, as its consumer protection division imposed its largest penalty ever. It is related to a mishap in 2022 involving $1.4 billion in mistaken sell orders in […]

J Sainsbury SBRY 0.69%increase; green up pointing triangle is selling its core banking business to NatWest Group NWG 1.54%increase; green up pointing triangle for an undisclosed sum, as part of its previously announced plan to withdraw from the segment and focus on its retail business. The U.K.’s second-largest grocer by market share said Thursday that the final consideration will reflect the value […]

ZURICH, June 20 (Reuters) – Switzerland’s financial regulations need further strengthening following the takeover of Credit Suisse by UBS, the Swiss National Bank said on Thursday, pressing for more to be done on capital and liquidity requirements. Credit Suisse roiled financial markets last year when it collapsed following a string of financial problems, and was […]

LONDON, June 20 (Reuters) – NatWest (NWG.L), opens new tab has struck a deal to acquire most of the banking business of UK retailer Sainsbury’s (SBRY.L), opens new tab, the companies said on Thursday, in a deal that would increase the British lender’s assets by 2.5 billion pounds ($3.2 billion). The first major transaction executed by NatWest Chief […]

National Bank of Canada NA -0.01%decrease; red down pointing triangle agreed to acquire Canadian Western Bank CWB 0.50%increase; green up pointing triangle in a share-swap deal valued at about 5 billion Canadian dollars ($3.63 billion), aided by a sizable investment from one of North America’s biggest pension funds. The transaction, pending regulatory approval, would give Montreal-based National Bank — the smallest of […]

Investment managers view generative artificial intelligence (GenAI) as the “holy grail” to create value, but the availability of data and cultural change are some of the main challenges, according to a Citigroup executive. The industry has applied AI via a “three-pronged” approach, according to a Citigroup report published this week based on more than 40 […]

WASHINGTON, June 17 (Reuters) – President Joe Biden’s campaign will target Republican challenger Donald Trump’s felony convictions as part of a $50 million ad campaign ahead of the first presidential debate between both candidates on June 27. The move, one of the largest advertising spends of the campaign so far, marks a notable shift in Biden’s approach to Trump’s […]

FRANKFURT, June 19 (Reuters) – Hundreds of thousands of bank employees in Europe’s largest economy are fighting for pay increases of up to 16% to cope with rising living costs and unions are warning of possible strikes. Pay negotiations for Germany’s public and private bank employees follow a spike in costs that has hit ordinary […]

June 18 (Reuters) – One of the world’s largest technology funds is set to ramp up its exposure to Nvidia (NVDA.O), opens new tab, which has become the world’s most valuable company following a blistering run in its shares. The $72.34 billion Technology Select Sector SPDR Fund (XLK.P), opens new tab, managed by State Street Global Advisors, […]

PARIS, June 17 (Reuters) – The European Central Bank pays close attention to the smooth functioning of financial markets, ECB President Christine Lagarde said on Monday, after French President Emmanuel Macron’s call for a snap parliamentary vote last week spooked investors. Investors were demanding a 77-basis-point premium for lending to AA-rated France over triple-A Germany […]

LONDON, June 18 (Reuters) – Supporters for more consolidation in the euro zone’s banking sector have been watching Spanish lender BBVA’s (BBVA.MC), opens new tab hostile bid for Sabadell (SABE.MC), opens new tab, alongside comments from some supervisors and lawmakers supporting the idea of more tie-ups. Regulators are keen for more consolidation – both within and across countries – […]

LONDON, June 17 (Reuters) – Talks between Ukraine and its international bondholders designed to cut its debt to help finance its war effort ground to a halt on Monday after the two sides failed to reach an agreement. It means the clock continues to tick down to a potential $23 billion sovereign default later in the summer. […]

HONG KONG, Aug 4 (Reuters) – China and Saudi Arabia’s stock exchanges are in talks to allow exchange-traded funds (ETFs) to list on each other’s bourses, three sources familiar with the matter said, as the countries look to deepen financial ties amid warming diplomatic relations. The talks are in the early stages, said the sources, […]

DUESSELDORF, June 14 (Reuters) – A German regional court said on Friday that prosecutors and defence lawyers have requested the termination of the criminal trial of a prominent banker who is accused of playing a role in an alleged 10 billion euro ($10.7 billion) tax fraud scheme. Christian Olearius, who has maintained that he did […]

Hong Kong’s stock exchange plans to take the hatchet to directorships to whittle down the concentration of board seats among the city’s corporate elites to improve governance, a challenge that its chief executive called a “perpetual work in progress.” Hong Kong Exchanges and Clearing Limited (HKEX) is seeking public feedback on its plan to limit […]

NEW YORK, June 13 (Reuters) – Goldman Sachs (GS.N), opens new tab aims to double its lending over the next five years to ultra-wealthy private bank clients with account sizes exceeding $10 million, as it gathers more deposits to supercharge lending, the bank’s private banking chief told Reuters. The plans, previously unreported, were disclosed to Reuters by […]

NEW YORK, June 13 (Reuters) – Visa’s (V.N), opens new tab and Mastercard’s (MA.N), opens new tab proposed $30 billion antitrust settlement to limit credit and debit card fees for merchants is in peril, after a New York judge signaled she was preparing to reject the accord. U.S. District Judge Margo Brodie in Brooklyn told lawyers for the card […]

June 11 (Reuters) – A Tesla (TSLA.O), opens new tab shareholder vote on Thursday on whether to reinstate CEO Elon Musk’s $56 billion pay package that was shot down by a Delaware judge will not provide a quick resolution, irrespective of the tally’s results. Tesla’s board is hoping shareholder approval will give the electric vehicle maker the legal ammunition it needs […]

STOCKHOLM, June 13 (Reuters) – The Swedish parliament’s finance committee has proposed that the central bank receive a capital injection of 25 billion crowns ($2.40 billion), less than requested by the board, the Riksbank said on Thursday. The central bank in April asked parliament for a capital injection of 43.7 billion crowns following a fall in the […]

MADRID, June 11 (Reuters) – Spain’s stock market supervisor said on Tuesday it has started assessing BBVA’s (BBVA.MC), opens new tab 12.28 billion euro ($13.19 billion) hostile takeover bid for Sabadell (SABE.MC), opens new tab, a potential tie-up that Madrid opposes. The National Securities Market Commission (CNMV) said it had admitted BBVA’s (BBVA.MC), opens new tab application for authorising the deal, […]

SINGAPORE, June 12 (Reuters) – DBS Group (DBSM.SI), opens new tab plans to boost assets under management for its wealth business to S$500 billion ($369.7 billion) by the end of 2026, said the unit’s head, as the top Singaporean bank bets on robust inflows into the city state. Wealth assets at DBS grew 23% to a record […]

LONDON, June 13 (Reuters) – Britain’s Revolut is to become the first tenant in a newly refurbished building in London’s Canary Wharf financial district, taking on 40% more floorspace for its new headquarters as the fintech firm accelerates hiring. Bankers arriving in Canary Wharf will soon be greeted by giant “Revolut” logos on top of […]

[SYDNEY] Australia’s troubled Commonwealth Bank admitted Thursday it has lost financial records for almost 20 million customers in a major security blunder – but insisted there was no need to worry. The nation’s biggest company said it cannot find two magnetic data tapes that stored names, addresses, account numbers and transaction details from 2000 to […]

SYDNEY—Bapcor has become a 1.83 billion Australian dollar (US$1.21 billion) target for a private equity takeover, five weeks after the Australian automotive-accessory provider issued a profit warning. The ASX-listed company on Tuesday said it received an indicative A$5.40-a-share cash proposal from Bain Capital Private Equity at the end of last week. Its board is considering the […]

MADRID, June 11 (Reuters) – Spain’s booming tourism industry will buoy the country’s overall economic growth rate to a solid 2.3% in 2024, much higher than its European Union peers, the Bank of Spain said on Tuesday. In its quarterly outlook update, the central bank raised its growth forecast from a previous 1.9% three months […]

NEW YORK/MEXICO CITY, June 10 (Reuters) – The Mexican governing party’s unexpectedly lopsided victory last week has investors concerned that it may use its mandate to sweep aside some of the checks on presidential power which have long been a source of comfort to the business community. The possibility that current president Andres Manuel Lopez […]

June 10 (Reuters) – The U.S. Securities and Exchange Commission in April had sought additional disclosures from New York Community Bancorp (NYCB.N), opens new tab in its preliminary proxy statement, regulatory filings made by the regional lender showed on Monday. The regulator requested NYCB to revise its proxy filing to briefly discuss the reasons for its recent […]

FRANKFURT, June 11 (Reuters) – Many euro zone banks are still far from meeting accounting rules on the provisions needed to protect against loan losses, despite some progress in factoring in climate risks, the European Central Bank’s top supervisor said on Tuesday. A decade-old accounting standard designed to avoid a new banking crisis requires lenders […]

Just like Elon Musk and Bill Gates, Jeff Bezos‘ private jet of choice is a Gulfstream G650ER. In fact, he owns two of them. But the Amazon founder also has a smaller business jet known for its versatility, according to data from JetSpy. Swiss planemaker Pilatus bills its PC-24 as “the world’s only super versatile jet” because it’s capable […]

Norway’s $1.6 trillion sovereign wealth fund said it is voting against Elon Musk’s $46 billion pay package at Tesla. Norges Bank Investment Management, the central bank’s wealth-fund arm, released its decision Saturday, expressing concerns about the size of the compensation deal, among other factors….         Source: REUTER

June 10 (Reuters) – Southwest Airlines’ (LUV.N), opens new tab shares rose about 7% in premarket trade on Monday after the Wall Street Journal reported that activist investor Elliott Investment Management had built a nearly $2 billion stake in the U.S. carrier. According to the Journal’s report on Sunday, Elliott is one of Southwest’s largest investors and plans to […]

NEW YORK, June 7 (Reuters) – A former Allianz (ALVG.DE), opens new tab fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the pandemic that caused an estimated $7 billion of investor losses. Gregoire Tournant, 57, of Basalt, Colorado,to two counts of investment adviser fraud at a hearing […]

CHINA’S exports grew more quickly and for a second month in May, suggesting factory owners are managing to find buyers overseas and providing some relief to the economy as it battles to mount a durable recovery. The jury is still out, however, on whether the export sales are sustainable while a protracted property crisis has […]

President Joe Biden announced a new $225 million aid package for Ukraine during a meeting with his counterpart, Volodymyr Zelenskiy, and pledged continued US support as Kyiv looks to turn the tide in the war with Russia. Biden said Friday part of the aid package would help Ukraine rebuild its electrical grid, which has been decimated by Russian […]

Chinese state-backed developer Poly Property saw sales fall by almost a fifth in May, adding to a mixed picture of the impact so far of Beijing’s historic measures to rescue its crisis-hit real estate segment. Poly Property booked sales worth 4.6 billion yuan (US$634 million) for projects spanning about 218,000 square metres (2.35 million square feet) at an […]

China’s securities watchdog said its moves to raise the bar for initial public offerings (IPOs), expel unqualified firms from stock exchanges and exercise greater scrutiny over high-frequency trading are ensuring the “survival of the fittest” although it does not expect delistings to “increase significantly in the short term”. Since the beginning of this year, a […]

Taiwan Semiconductor Manufacturing Co.-backed Vanguard International Semiconductor Corporation and Dutch chip designer and manufacturer NXP Semiconductors will build a $7.8 billion wafer manufacturing plant in Singapore. Vanguard will have 60% stake in the joint venture — VisionPower Semiconductor Manufacturing Company — while NXP will hold 40%, according to a joint statement released Wednesday. The VSMC plant will produce wafers for […]

FRANKFURT, June 6 (Reuters) – European Central Bank governors see a further interest-rate cut in July as unlikely after some stronger-than-expected economic data, with the focus now on their September meeting, five sources told Reuters. An ECB spokesperson declined to comment for this story. The ECB went ahead with its first reduction in borrowing costs since 2019 […]

CHICAGO, June 5 (Reuters) – The Association of Professional Flight Attendants (APFA), which represents over 23,000 American flight attendants, said on Wednesday that it unanimously rejects the latest proposal from American Airlines (AAL.O), opens new tab. The airline had offered its flights attendants immediate wage increases of 17% and a new formula for higher profit sharing […]

June 6 (Reuters) – Dolby Laboratories (DLB.N), opens new tab said on Thursday it was acquiring GE Licensing, an intellectual property business targeting the consumer digital media and electronics sectors, in a $429 million deal. The takeover, which aims to further Dolby’s existing licensing businesses, comprises over 5,000 GE patents. However, it excludes aerospace and defense IPs […]

LONDON — Enterprise tech giant Salesforce is opening an artificial intelligence center in London, making a bullish bet on the U.K. as a global technology hub. The U.S. software giant said in a statement Thursday that it is opening a more-than-40,000-square-foot facility in London’s Blue Fin Building, which can host over 300 people. It will be used […]

A look at the day ahead in U.S. and global markets from Mike Dolan Wall Street’s tech-led stock surge to new records has seen $3 trillion AI-champion Nvidia (NVDA.O), opens new tab replace Apple (AAPL.O), opens new tab as the world’s 2nd most valuable company in a market infused with interest rate cut excitement across the G7. With the European Central […]

Hindalco-backed aluminum recycling company Novelis has postponed its U.S. listing of over $900 million, citing market conditions. “Novelis will continue to evaluate the timing of the offering in the future,” the company said late Tuesday, without elaborating further. Source: WSJ

SYDNEY, June 5 (Reuters) – The Australian government on Wednesday introduced legislation that would require buy-now-pay-later (BNPL) firms to run credit checks on borrowers, aiming to regulate the rapidly growing sector popular among youth like other consumer credit products. BNPL companies typically offer on-the-spot interest-free short-term loans with minimal credit checks that spread payments over […]

Recent documents submitted to a U.S. federal court allege that major British bank Standard Chartered helped finance sanctioned Iranian entities and terrorist groups, and that relevant evidence was ignored by American authorities. London-based Standard Chartered, which primarily serves clients in emerging markets, was previously punished with more than a combined $1.7 billion in fines after admitting in 2012 and 2019 […]

BRUSSELS, June 4 (Reuters) – European Union finance ministers will hold a videoconference on Wednesday on a G7 proposal to leverage Russian central bank assets immobilised in the West to allow Kyiv swiftly to receive a loan of around $50 billion, senior euro zone officials said. The size of the loan has not yet been […]

SHANGHAI, June 5 (Reuters) – The Shanghai and Shenzhen stock exchanges are considering suspending certain value-added market data feeds to institutions such as computer-driven quant funds, two sources said in an effort by Chinese regulators to tighten scrutiny of a sector blamed for contributing to market volatility. The bourses may suspend providing granular transaction details […]

Tencent-backed artificial intelligence (AI) drug researcher QuantumPharm is raising up to HK$1.13 billion (US$144.5 million) in a Hong Kong initial public offering (IPO) from Tuesday, eyeing the first listing under a new regime for pre-revenue specialist technology firms that was introduced more than a year ago. The Shenzhen-headquartered company, also known as XtalPi, is offering […]

A look at the day ahead in U.S. and global markets from Mike Dolan With a still-powerful “buy the dip” instinct in stocks, U.S. markets are having a rare bout of jitters about a slowing economy – with Treasury yields, the dollar and oil prices all swooning over the past 24 hours. Wall Street’s tech-led “bounce-ability” was […]

Days after BHP Group failed to secure the $49 billion takeover of smaller rival Anglo American Plc, investors have one message for Chief Executive Mike Henry — keep your cool. BHP argues it showed restraint in the battle for Anglo, a welcome attribute in a sector notorious for burning billions of dollars of on underwhelming projects and ill-timed […]

BERLIN, June 3 (Reuters) – German state lender KfW (KFW.UL) has sold 110 million shares in Deutsche Telekom (DTEGn.DE), opens new tab for 2.5 billion euros ($2.7 billion), it said on Monday, as part Berlin’s plans to sell holdings in companies to invest in the country’s rail network. The shares – equivalent to a 2.2% stake in […]

A Reddit account linked to the meme-stock folk hero posted for the first time in years over the weekend, with a screenshot showing a $116 million position in GameStop stock, plus a big options bet. GameStop shares soared roughly 80% in premarket trading Monday. Other meme stocks also rallied: AMC shares jumped over 20%; Koss advanced more than 12% and BlackBerry shares […]

The spot ether exchange-traded fund (ETF) launched by Chinese fund manager ChinaAMC saw more than HK$5 million (US$640,780) in net inflows as of mid-day Wednesday, after reaching HK$3.77 million on Tuesday, the largest since launch, as investors anticipate US approval of similar products. The ETF saw more than 1.28 million shares traded on Tuesday. On […]