Economic
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Financier Staveley says she’s paid $4.4 mln to try to settle loan dispute
British businesswoman Amanda Staveley has paid 3.47 million pounds ($4.44 million) to shipping magnate Victor Restis in an attempt to settle a claim over a historic loan that could have led to a bankruptcy petition against her. Staveley, a seasoned dealmaker with close links to Gulf investors, told Reuters that the payment was made “some […]
European banks at March lows amid global sell-off
Shares in European lenders tumbled in early trading on Monday as investor fears mounted over the possibility that the United States could be heading for recession, after surprisingly weak employment data on Friday. The region-wide banking index (.SX7P), opens new tab shed some 4.4%, hitting its lowest since March. Shares of Italy’s UniCredit (CRDI.MI), opens new tab, Intesa (ISP.MI), […]
SocGen to sell UK, Swiss private bank units for about $1 bln
Societe Generale (SOGN.PA), opens new tab has agreed to sell its British and Swiss private banking units to Switzerland’s Union Bancaire Privee (UBP) for 900 million euros ($984 million) the French bank said on Monday as it speeds up its asset sale program. SocGen said the divisions being sold – SG Kleinwort Hambros and Societe Generale Private […]
Berkshire halves Apple stake, boosts cash to $277 billion as it gets ‘defensive’
Warren Buffett appears to have soured on stocks, letting cash at Berkshire Hathaway (BRKa.N), opens new tab soar to nearly $277 billion and selling about half its stake in Apple (AAPL.O), opens new tab, even as the conglomerate posted a record quarterly operating profit. Berkshire’s results released on Saturday suggest the 93-year-old Buffett, one of the world’s most […]
Schroders shares slide as fee pressure leads to profit miss
British fund manager Schroders (SDR.L), opens new tab missed profit forecasts and flagged pressure on its margins in half-year results on Thursday, sending its shares sharply lower despite reporting record assets. Schroders said clients have favoured lower-margin services, squeezing revenue and leading to an 8% fall in first-half profit to 315 million pounds ($403 million). Analysts at […]
Mediobanca readies 385 mln euros buyback after 24% profit rise
Italy’s Mediobanca (MDBI.MI), opens new tab will launch a share buyback programme worth around 385 million euros ($417 million), it said on Thursday after posting its best-ever yearly revenue and profit. The bank posted a 24% rise in net profit to 1.27 billion euros, broadly in line with a consensus of analyst expectations provided by the company, […]
UBS sues Bank of America for $200 mln over crisis-era mortgage costs
UBS (UBSG.S), opens new tab sued Bank of America (BAC.N), opens new tab for $200 million on Wednesday, saying the second-largest U.S. bank refused to cover its legal costs related to risky mortgages issued before the 2008 global financial crisis. The Swiss bank bundled mortgages from Countrywide Financial, which Bank of America bought in 2008, into securities, and said […]
Greece’s Piraeus Bank second-quarter profit more than doubles
Piraeus Bank (BOPr.AT), opens new tab, Greece’s third-largest lender by market value, on Wednesday reported that its second-quarter profit more than doubled, helped by higher revenues from interests and fees. Net profit came in at 330 million euros ($356.96 million) in the second quarter to June, up from 120 million euros in the same period a […]
China’s Richest Man Risks Losing Crown After $13 Billion Wipeout
China’s richest man is at risk of losing the pole position he’s held for almost three years, with his wealth slipping the most among billionaires worldwide as intensifying competition and public relations challenges plague his bottled water giant. Zhong Shanshan, chairman of Hangzhou-based Nongfu Spring Co., has lost $13 billion so far in 2024, according to […]
BOJ Governor Ueda’s comments at news conference
The Bank of Japan raised interest rates in a mostly unexpected move on Wednesday and unveiled a detailed plan to slow its massive bond buying, taking another step towards phasing out a decade of huge stimulus. Following are excerpts from BOJ Governor Kazuo Ueda’s comments at his post-meeting news conference, which was conducted in Japanese, as translated […]
