UPDATE 1-National Australia Bank’s annual profit takes a hit on inquiry fallout

(Adds CEO comment, details) Nov 1 () – National Australia Bank (NAB) posted a 14.2 percent fall in annual cash earnings on Thursday as the country’s fourth-largest lender grapples with the costs of compensating customers and a series of compliance failures. Cash earnings came in at A$5.70 billion ($4.0 billion) for the year ended Sept. […]

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CORRECTED-AIG reports smaller quarterly loss on reinsurance benefit

(Corrects to show that underwriting loss narrowed to $1.73 billion and removes reference to underwriting income, paragraph 7.) Oct 31 () – American International Group Inc reported a smaller quarterly loss on Thursday as reinsurance pacts helped offset catastrophe losses in Japan and North America. The insurer posted a net loss of $1.26 billion, or […]

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Australia shares likely to inch up; NZ flat

Nov 1 () – Australian shares are set to open slightly higher on Thursday, tracking Wall Street which surged overnight on strong earnings, but gains are likely to be capped by a fall in commodity prices. Investors are also waiting for key trade data due to be released later in the day. The local share […]

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UPDATE 4-Federal Reserve unveils proposal to ease regulations for larger banks

WASHINGTON () – The Federal Reserve said on Wednesday it wants to ease regulations for U.S. lenders with less than $700 billion in assets, a way to lessen the burden on big commercial lenders that do not have volatile Wall Street businesses. FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August […]

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AIG reports smaller quarterly loss on reinsurance benefit

() – American International Group Inc (AIG.N) reported a smaller quarterly loss on Thursday as reinsurance pacts helped offset catastrophe losses in Japan and North America. FILE PHOTO: The AIG logo is seen at its building in New York’s financial district in New York, NY, U.S. on March 19, 2015. /Brendan McDermid/File Photo The insurer […]

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UPDATE 2-Brazil’s environment, agriculture ministers criticize planned merger

BRASILIA () – Brazil’s environment and agriculture ministers on Wednesday criticized President-elect Jair Bolsonaro’s plans to merge their departments, saying it would hurt the country’s agenda on both fronts. FILE PHOTO: Brazil’s Agriculture Minister Blairo Maggi attends a news conference in Brasilia, Brazil April 17, 2018. /Adriano Machado/File PhotoBolsonaro has pledged to roughly halve the […]

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UPDATE 3-Federal Reserve unveils proposal to ease regulations for larger banks

WASHINGTON () – The Federal Reserve said on Wednesday it wants to ease regulations for U.S. lenders with less than $700 billion in assets, a way to lessen the burden on big commercial lenders that do not have volatile Wall Street businesses. FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August […]

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PM May told executives Britain to be « unequivocally » pro-business – May’s office

Britain’s Prime Minister Theresa May and Chancellor of the Exchequer Philip Hammond leave 10 Downing Street, in London, Britain, 31 October, 2018. /Henry NichollsLONDON () – Prime Minister Theresa May told 150 business leaders that her government would be “unequivocally pro-business”, May’s office said on Wednesday, after criticism from some quarters that business had slipped […]

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UPDATE 1-Brazil’s environment, agriculture ministers criticize planned merger

BRASILIA () – Brazil’s environment and agriculture ministers on Wednesday criticized President-elect Jair Bolsonaro’s plans to merge their two departments, saying it would hurt the country’s agenda on both fronts. Bolsonaro has pledged to roughly halve the number of existing ministries in an effort to reduce bureaucracy and government bloat. He also proposed merging the […]

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UPDATE 2-Main investor in First Sensor weighs stake sale

FRANKFURT/NEW YORK () – Deutsche Private Equity (DPE) said on Wednesday it is considering selling its 36 percent stake in First Sensor AG (SISG.DE), which makes electronic sensors used in the industrial, medical and automotive sectors. “As a result, it is possible that a possible acquirer will be obliged to submit a takeover bid. First […]

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UPDATE 4-Shares in Santander Brasil drop as bank posted lower margin

(Adds more analysts and CEO comments) By Carolina Mandl SAO PAULO, Oct 31 () – Shares of Banco Santander Brasil SA were down 6 percent in Wednesday afternoon trading after analysts said the bank’s quarterly results showed some signs of weakness in the third-quarter in spite of a higher-than-expected profit. Fee income and net interest […]

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UPDATE 1-Elliott’s ASG says it wants to buy Mitek, shares jump

NEW YORK/BOSTON () – Hedge fund Elliott Management Corp’s software company ASG Technologies said on Wednesday it was offering to buy Mitek Systems Inc (MITK.O) for $10 a share after the provider of financial technology to banks rejected an earlier takeover approach. ASG said in a letter to Mitek that it was reaffirming its “proposal […]

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UPDATE 1-Turkey’s lira weakens after government tax cut plans

(Adds economist, Albayrak comments, updates lira) ANKARA, Oct 31 () – Turkey’s lira weakened more than two percent against the dollar on Wednesday after the government unexpectedly announced a plan to cut taxes on several sectors, including cars, white goods and furniture, until the end of the year. The tax cuts, announced by Finance Minister […]

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UPDATE 3-Asset manager Apollo’s earnings miss estimates in quarter

() – Alternative asset manager Apollo Global Management LLC (APO.N) reported third-quarter earnings that missed market expectations on Wednesday as the value of its private equity investments grew less than some analysts had expected. Economic net income (ENI) of 83 cents per share for the quarter was below analysts’ mean estimate for 92 cents, according […]

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UPDATE 1-Sports Direct paid $10 mln for Evans Cycles purchase

(Adds details on employees, share price, background) Oct 31 () – Sports Direct International Plc, the sportswear group controlled by billionaire Mike Ashley, said on Wednesday it had paid 8 million pounds ($10.2 million) to buy Evans Cycles after it fell into administration. Sports Direct, which plans to keep half of Evans’ 62 stores open, […]

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TIG buys stake in Canadian credit manager

BOSTON () – TIG Advisors on Wednesday said it has bought a piece of Canadian mortgage investor Romspen Investment Corporation, marking the first time it has taken a stake in another hedge fund. Romspen, a Toronto-based credit manager, invests C$2.5 billion in assets, providing first mortgage bridge lending to commercial real estate projects in North […]

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Sports Direct paid $10 mln for Evans Cycles purchase

Oct 31 () – Sports Direct, the sportswear group controlled by billionaire Mike Ashley, said on Wednesday it had paid 8 million pounds ($10.2 million) to buy Evans Cycles after it fell into administration. Sports Direct, which plans to keep half of Evans’ 62 stores open, also said about 2 million pounds of the acquisition […]

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UPDATE 3-Santander Brasil net income margin faces pressure; shares drop

(Adds CFO comments, share performance) SAO PAULO, Oct 31 () – Banco Santander Brasil SA ‘s Chief Financial Officer Angel Santodomingo said on Wednesday the bank’s net income margin would continue to be pressured over the coming quarters, sending shares tumbling nearly 5 percent. Banco Santander Brasil units, the bank’s most widely traded class of […]

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REFILE-GRAPHIC-Capital crunch scare wipes 40 billion euros from Italian banks

MILAN () – Italian banks have lost nearly 40 billion euros ($45 billion) of market capitalization since May, with small and mid-sized lenders worst-hit by a sell-off on concerns that Rome’s budget crisis will lead to a capital crunch in the third-largest euro zone economy. Porta Nuova’s financial district and residential commercial and business district […]

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Spruce Point sees dim future for Dollarama, share price drops

BOSTON () – Spruce Point Capital Management, which focuses on in-depth research of companies’ vulnerabilities, sees room for Dollarama Inc’s (DOL.TO) stock price to tumble roughly 40 percent after the Canadian retailer raised prices and fewer customers are shopping at its stores. “Spruce Point believes Dollarama is a ‘strong sell’ with an approximately 40 percent […]

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Jaguar Land Rover reveals sales slump after production freeze

Coventry-based Jaguar Land Rover has seen falling car sales as the company battles with uncertainty around Brexit and the fall in demand for diesel models. The Whitely firm says sales plunged 13.2% to 129,887 vehicles for the three months to 30 September. Workers at JLR’s historic Castle Bromwich factory were told in mid-September that they’re […]

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UPDATE 2-Italy’s central bank chief warns on rising borrowing costs, GDP slowdown

ROME () – Bank of Italy Governor Ignazio Visco said on Wednesday that families and firms would suffer if borrowing costs stayed high, and called on the government to ensure fiscal stability. FILE PHOTO: Bank of Italy Governor Ignazio Visco speaks during a meeting in Rome, October 31, 2017. /Remo Casilli/File PhotoItaly’s coalition government is […]

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Birthday blues for bitcoin as investors face year-on-year loss

LONDON () – Bitcoin was heading toward a year-on-year loss on Wednesday, its 10th birthday, the first loss since last year’s bull market, when the original and biggest digital coin muscled its way to worldwide attention with months of frenzied buying. FILE PHOTO: The screen of Southern California’s first two bitcoin-to-cash ATMs on its first […]

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UPDATE 2-Apollo posts 3rd quarter profit shy of estimates

() – Alternative asset manager Apollo Global Management LLC (APO.N) posted third-quarter earnings shy of market expectations on Wednesday as the value of its private equity investments grew less than some analysts had expected. Apollo reported economic net income (ENI) of 83 cents per share for the quarter, below the analyst mean estimate of 92 […]

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