Spanish insurer Mapfre (MAP.MC), opens new tab said on Friday its first-half net profit jumped thanks to fewer and more benign natural disasters and a turnaround in its car insurance business in the United States. Mapfre said its net profit rose 65% to 494 million euros ($536 million), up from 300 million euros in the same period […]
Britain’s Metro Bank (MTRO.L), opens new tab is selling its portfolio of prime residential mortgages to NatWest Group (NWG.L), opens new tab for up to 2.4 billion pounds ($3.1 billion) in cash, it said on Friday. The sale is expected to reduce Metro’s risk-weighted assets by approximately 824 million pounds, leading to an improvement in the British lender’s Common […]
KKR & Co (KKR.N), opens new tab will take education software platform Instructure Holdings (INST.N), opens new tab private for $4.8 billion, the private equity firm said on Thursday. The buyout heralds a potential resurgence in private equity activity, following a period of dormancy due to elevated interest rates that had hindered debt financing for leveraged buyouts. The deal […]
New York Community Bancorp (NYCB.N), opens new tab reported second-quarter loss that was worse than Wall Street’s expectations on Thursday, as it set aside more money to cover potential losses from its office and multi-family loan book. Its shares fell 11% as the downbeat results upset the poise that the lender had regained over the last few […]
Lazard (LAZ.N), opens new tab swung to a profit in the second quarter, exceeding analysts’ expectations as dealmaking surged. Wall Street investment banks have benefited from a rebound in activity as corporations carry out mergers or raise money with stock and debt offerings. The recovery comes after rising interest rates weighed on activity for two years. Revenue in Lazard’s […]
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 (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 […]
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, […]
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 […]
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 […]
