Economic
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Thailand to expand state equity fund by up to $4.3 bln to invest in local stocks
Thailand will increase the size of a state mutual fund by between 100 billion baht and 150 billion baht ($2.8 billion-$4.3 billion) to invest in local stocks, officials said on Tuesday, in a bid to support Asia’s worst performing market this year. The Vayupak Mutual Fund will offer new units to the public by September, […]
RBC’s former CFO sues Canadian bank for wrongful termination, citing gender stereotyping
Royal Bank of Canada’s (RY.TO), opens new tab former CFO Nadine Ahn has filed a wrongful-termination lawsuit against the bank, and alleged that “gender-based stereotyping” was at play in her dismissal. In April, RBC, Canada’s biggest bank, said it had terminated Ahn after its investigation found she was in an undisclosed close personal relationship with another executive that led […]
Blackstone sells 3,000 UK homes to pensions giant USS
Private equity giant Blackstone (BX.N), opens new tab announced on Tuesday it had sold 3,000 shared-ownership homes to Britain’s biggest private pension fund, in a sign of growing dealmaking by big money managers in the UK housing sector. Blackstone sold the portfolio to academia pension fund, the Universities Superannuation Scheme (USS), which manages more than 75 billion […]
US SEC sues over alleged $650 million global crypto fraud
The U.S. Securities and Exchange Commission on Monday sued the cryptocurrency company NovaTech and its married co-founders, saying they fraudulently raised over $650 million from more than 200,000 investors worldwide, including many Haitian-Americans. NovaTech and co-founders Cynthia and Eddy Petion allegedly promised investors their money would be safe, with Cynthia Petion assuring they would be […]
Britain’s CEOs get record pay in 2023, research shows
The bosses of Britain’s biggest companies enjoyed record pay in 2023, with nine firms offering them packages of more than 10 million pounds ($12.75 million), research on Monday showed, as British workers argue for higher wages. The median pay for a FTSE-100 company CEO rose 2.2% to 4.19 million pounds last year, think tank the […]
US releases $3.5 billion to Israel to spend on US weapons, military equipment
Washington will provide Israel $3.5 billion to spend on U.S. weapons and military equipment, the State Department said on Friday, with the release of the money coming months after the U.S. Congress appropriated it during Israel’s war in Gaza. A State Department spokesperson said on Friday that the department notified Congress on Thursday that the […]
US consumers could become discouraged without rate cuts, Bank of America CEO says
If the U.S. Federal Reserve does not start cutting interest rates relatively soon, U.S. consumers could become dispirited, Bank of America (BAC.N), opens new tab CEO Brian Moynihan said on Sunday. At the end of July the Fed kept the policy rate in the same 5.25%-5.50% range it has been for more than a year, but signaled that a […]
Global watchdog calls on India to boost bank scrutiny for politicians, say sources
The Financial Action Task Force (FATF) global anti-money laundering watchdog has asked India to improve due diligence on the bank accounts of local politicians, government officials and their families, two government sources said. The recommendation for tougher checks on the finances of politically exposed persons (PEPs) is part of a FATF review of India’s anti-money […]
UK’s Hargreaves Lansdown agrees $6.9 bln takeover by consortium
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 […]
Lazard hires Guggenheim banker Haydon for private equity dealmaking, source says
Investment bank Lazard (LAZ.N), opens new tab has hired Courtney Haydon from Guggenheim Securities as a managing director to help drive dealmaking involving private equity firms and alternative asset managers, a person familiar with the matter said on Thursday. Haydon will join Lazard’s financial sponsors coverage group in the coming months, the source said, requesting anonymity as […]
