Economic
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Insured losses from CrowdStrike outage could reach $1.5 bln, CyberCube says
Global insured losses from last week’s massive IT outage are likely to range from $400 million to $1.5 billion, cyber analytics firm CyberCube said on Thursday. A software bug in cyber security firm CrowdStrike’s (CRWD.O), opens new tab quality-control system caused the software update that crashed computers globally, the U.S. firm said this week, as losses mount following […]
Deutsche Bank plays down prospect of M&A any time soon
Deutsche Bank (DBKGn.DE), opens new tab is focused on making itself stronger by doing its “homework” rather than considering mergers and acquisitions, the lender’s finance chief said on Thursday, noting any tie-up could be “much further down the road”. CFO James von Moltke, on an earnings call with analysts, was asked whether the bank would consider using […]
Chinese banks cut deposit rates to relieve squeezed margins
Five of China’s major state-owned banks on Thursday cut deposit rates to cushion a hit to their already record low margins after this week’s surprise lowering of lending benchmarks to bolster stuttering economic growth. Industrial and Commercial Bank of China (ICBC) (601398.SS), opens new tab, Agricultural Bank of China (601288.SS), opens new tab, China Construction Bank (601939.SS), opens new tab, […]
Logistics giant Lineage raises $4.44 bln in biggest IPO of 2024
Lineage (LINE.O), opens new tab, the world’s largest operator of cold-storage warehouses, raised $4.44 billion in its U.S. initial public offering, setting it up for the biggest stock market debut globally this year, the company said on Wednesday. The Novi, Michigan-headquartered company priced just under 57 million shares in New York at $78 apiece, the upper […]
Exchange operator CME’s profit beats estimates on record trading volumes
CME Group (CME.O), opens new tab on Wednesday beat analyst estimates for its second-quarter profit, as the exchange operator notched record trading volumes, with investors rushing to manage risks in the wake of ongoing geopolitical and economic uncertainties. Latest economic data showing signs of easing inflation has fueled hopes of a possible rate cut in the current […]
Fortune 500 firms to see $5.4 bln in CrowdStrike losses, says insurer Parametrix
U.S. Fortune 500 companies, excluding Microsoft (MSFT.O), opens new tab, will face $5.4 billion in financial losses from the recent CrowdStrike (CRWD.O), opens new tab outage, insurer Parametrix said on Wednesday. CrowdStrike’s faulty update to its security software crashed computers powered by Microsoft’s Windows operating system, disrupting internet services across the globe and affecting a broad swathe of industries including […]
India’s SBI Life posts higher Q1 profit on demand for market-linked policies
India’s SBI Life Insurance Company (SBIL.NS), opens new tab posted a 36% rise in first-quarter profit on Wednesday, as premiums were boosted by strong demand for market-linked products. The insurer’s profit rose to 5.2 billion rupees ($62 million) for the three months ended June 30 from 3.81 billion rupees, a year earlier. Net premium income increased about […]
G7 finance leaders to discuss Ukraine loan plan, longer freeze on Russian assets
Finance leaders from the Group of Seven wealthy democracies on Wednesday will try to advance talks on harnessing the earnings from frozen Russian sovereign assets to back a $50 billion loan to Ukraine as the U.S. seeks more certainty, notably from the European Union, that the assets will be immobilized for the long term. The […]
Former Barclays CEO told to testify in appeal over Qatar fundraising fine
Former Barclays (BARC.L), opens new tab CEO John Varley has been ordered by a London tribunal to give evidence at the British bank’s appeal against a 50-million pound ($65-million) fine over its 2008 fundraising with Qatar. In a decision published on Wednesday, Upper Tribunal judges Rupert Jones and Jonathan Cannan dismissed arguments that it would be unfair […]
Pandemic Fund by World Bank draws over $700 mln from US, Germany
The World Bank’s fund to help developing countries better prepare for pandemics has raised $667 million from the United States and $54 million from Germany, moving it closer towards its goal of reaching at least $2 billion in new funding. Source: REUTER
