Alibaba Group Holding is selling up to US$5 billion worth of convertible bonds to fund its share buy-backs, as leaders of the Chinese tech giant declared e-commerce and cloud computing as its core businesses in a move “towards strategic clarity”. The Hangzhou-based firm, which owns the South China Morning Post, said it expects to raise close […]
“The widening of sanctions and pressure on friendly countries leads to companies’ reduced export revenue,” the central bank said in a report on financial stability in a section titled “main vulnerabilities”. Russia distinguishes between countries that imposed sanctions over its actions in Ukraine and those that did not by calling them ‘unfriendly’ and ‘friendly’. “Unfriendly […]
May 23 (Reuters) – JPMorgan Chase & Co (JPM.N), opens new tab will pay $100 million and admit it broke U.S. Commodity Futures Trading Commission rules in connection with trade reporting lapses, the regulator said on Thursday. The bank discovered and reported to the agency finding significant gaps in its trading data and order surveillance in June […]
A dispute between a fintech startup and its banking partners has ensnared potentially millions of Americans, leaving them without access to their money for nearly two weeks, according to recent court documents. Since last year, Synapse, an Andreessen Horowitz-backed startup that serves as a middle man between customer-facing fintech brands and FDIC-backed banks, has had disagreements with several […]
The UAE economy expanded by 3.6 per cent last year, driven by strong non-oil sector growth as the country continues to pursue its diversification goals. The country’s gross domestic product reached Dh1.68 trillion ($456.56 billion) at constant prices last year, preliminary estimates from the Federal Competitiveness and Statistics Centre showed on Thursday. At current prices, meanwhile, the Emirates’ GDP stood […]
MOSCOW, May 23 (Reuters) – The European Union will feel the “full measure” of Russian retaliation over its plan to use income from frozen Russian assets to help Ukraine, Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday. EU countries have formally adopted a plan to use windfall profits from Russian central bank assets frozen […]
NEW YORK/LONDON, Jan 12 (Reuters) – BlackRock (BLK.N), opens new tab said on Friday it would buy Global Infrastructure Partners (GIP) for $12.5 billion in a major bet on alternative assets and announced a shake-up of its top management. The deal, which includes $3 billion in cash and 12 million BlackRock shares, will put the asset management […]
Chinese tech behemoth Tencent is extending around 100 million yuan ($13.9 million) to fund technologies that prevent carbon dioxide emissions and suck the greenhouse gas from the atmosphere in a decarbonisation move that looks beyond solutions such as renewable energy and electric vehicles (EVs). “Renewable energy, electric vehicles, and nature-based solutions are all examples of […]
Bank of Singapore, the private banking unit of Oversea-Chinese Banking Corp (OCBC), is expanding its family office business in Hong Kong, as it is bullish about its growth prospects in the city and mainland China. It has increased its headcount, mainly relationship managers and senior bankers, by 15 per cent in mainland China, Hong Kong, Macau and […]
NEW YORK, May 22 (Reuters) – The U.S. Commodity Futures Trading Commission is expected as soon as Wednesday to announce a $100 million settlement with JPMorgan Chase & Co (JPM.N), opens new tab over trade reporting lapses, a source with direct knowledge of the matter told Reuters. The same source said that the bank has also agreed […]