LondonCNN — UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal. Shares in the Swiss lender surged 10% in Zurich Tuesday after it posted net profit of $1.8 billion for the first three months of 2024 — […]
Hong Kong is expanding its market outreach in the Middle East by linking up with the investment authority in oil-rich Qatar, paving the way for future cooperation and strategic alliances between the two financial hubs. The Financial Services Development Council (FSDC) and the Qatar Financial Centre Authority, signed a memorandum of understanding (MOU) to formalise their relationship. […]
Hong Kong kept the city’s key interest rate unchanged for the sixth consecutive time in lockstep with the Federal Reserve’s overnight decision, as stubborn inflation in the United States pushed back expectations of a rate cut to September. The Hong Kong Monetary Authority (HKMA) said on Thursday it would leave its base rate unchanged at 5.75 per cent. […]
ZURICH, May 7 (Reuters) – UBS (UBSG.S), opens new tab on Tuesday reported first-quarter profit that trounced forecasts and said it was sticking with plans for share buybacks over three years despite Swiss government proposals that would hike its capital requirements. Shares in Switzerland’s biggest bank jumped 8% and were on track for their biggest one-day gain […]
NEW YORK, May 6 (Reuters) – A U.S. judge on Monday formally ended the U.S. government’s criminal case against Goldman Sachs (GS.N), opens new tab related to the Wall Street bank’s work for the Malaysian fund 1MDB after it met its obligations and paid $2.9 billion in penalties. Chief Judge Margo Brodie of the federal court in […]
UniCredit raised its investor reward guidance for the year after posting much higher than expected quarterly net income on Tuesday and further boosting capital levels. Italy’s second biggest bank said net profit for the three months to March 31 was 2.6 billion euros ($2.8 billion), against the 2.13 billion euro average of analyst forecasts compiled […]
Abu Dhabi’s Multiply Group reports robust Q1 results, with a net profit (excluding fair value changes) of Dh393 million, marking a 48% increase from Q1 2023’s Dh266 million. Group revenue surged by 45% year-on-year to Dh391 million, propelled by growth in all sectors and the integration of Media 247 and BackLite Media into the media […]
WASHINGTON, May 3 (Reuters) – Auditor BF Borgers and its owner Benjamin Borgers, whose clients include Trump Media , were charged by the U.S. Securities and Exchange Commission with “massive fraud” that affected more than 1,500 SEC filings, the agency said on Friday. BF Borgers agreed to pay a $12 million civil penalty, and Benjamin […]
OSLO, May 4 (Reuters) – Norway’s $1.6 trillion sovereign wealth fund, one of the world’s largest investors, supports the reappointment of Barclays (BARC.L), opens new tab CEO C.S. Venkatakrishnan and Chair Nigel Higgins to the British bank’s board, the fund manager said on Saturday. Norges Bank Investment Management (NBIM) will also support Barclays’ proposed bonus policy change […]
MADRID, May 6 (Reuters) – Sabadell’s (SABE.MC), opens new tab board will meet on Monday to discuss an all-share offer from larger Spanish bank BBVA (BBVA.MC), opens new tab that was worth around 12 billion euros ($12.9 billion) when announced last week, two sources familiar with the matter said. BBVA said on May 1 it had proposed offering one newly issued […]