() – Activist investor Land & Buildings Investment Management LLC said on Tuesday a C$1.74 billion go-private offer for Hudson’s Bay Co from chairman and other shareholders would likely not receive majority approval of remaining shareholders. The activist investor called the offer for the Canadian retailer “woefully inadequate” and asked the special committee of independent
LONDON () – Britain’s next prime minister must make it their “overriding” priority to protect London’s globally competitive position in finance after Brexit, financial services minister John Glen said on Tuesday. John Glen, local Member of Parliament for Salisbury and South Wiltshire, talks to the media in Salisbury, Britain, April 3, 2018. /Hannah McKayBritain is
MILAN, June 18 () – Italian mid-sized lender Creval could sit down with interested parties about a partnership after about two years, Chief Executive Luigi Lovaglio told a briefing on Tuesday. Lovaglio was presenting a plan to turn around the bank, which has been hit hard by a deep recession that turned sour almost a
(Changes source; adds details from Fidelity, background) June 18 () – Investment firm Fidelity International said on Tuesday that it has decided to restrict its customers from making new investments in money manager Neil Woodford’s Income Focus Fund. The move comes a couple of weeks after Woodford, among Britain’s well-known fund managers, suspended his flagship
() – Activist investor Land & Buildings Investment Management LLC said on Tuesday that a C$1.74 billion ($1.30 billion) go-private proposal for Hudson’s Bay Co from the company’s chairman and other shareholders was “woefully inadequate”. The shareholder called on the Canadian department store operator to explore strategic alternatives and hire an independent investment bank to
STOCKHOLM () – Swedbank has suspended with immediate effect the two most senior executives of its Estonian business, which is being investigated over alleged money laundering. FILE PHOTO: Swedbank sign is seen on the local headquarters building in Tallinn, Estonia March 25, 2019. /Ints KalninsSweden’s oldest retail bank has already parted ways with its chief
BRUSSELS () – The European Commission sees a lack of progress in talks with Switzerland over a new partnership treaty, a top official said on Tuesday, which could signal the end of Swiss stock exchanges’ access to the EU market in July. “The commissioners noted the lack of progress, therefore the college saw no need
HONG KONG () – Hong Kong leader Carrie Lam on Tuesday signaled the end of a controversial extradition bill that she promoted and then postponed after some of the most violent protests since the former British colony returned to Chinese rule in 1997. In a closely watched press conference, Lam apologized for the turmoil but
VIENNA () – After years of largely banking on low-cost Russia for growth, OMV is shifting attention towards the Middle East as its chemist chief executive chases his vision of making the Austrian oil and gas group a major supplier of plastics. FILE PHOTO: The logo of Austrian oil and gas group OMV is seen
FILE PHOTO: The Bank of England is seen in the financial district during rainy weather in London, Britain, September 23, 2018. /Henry Nicholls/File PhotoLONDON () – Bank of England policymaker Anil Kashyap said on Tuesday he was worried that since the Brexit referendum Britain has become more reliant on foreign funding that could be withdrawn
NEW DELHI () – India will examine concerns raised by foreign technology companies around stringent rules to store data locally, the government said on Tuesday, an issue that has upset firms such as Mastercard and also irked the U.S. government. The decision to review the rules comes at a time when trade tensions between India
() – European stock markets recovered from early falls on Tuesday after European Central Bank chief Mario Draghi promised more monetary stimulus if the economy does not improve, offsetting another warning on slowing sales from the chip sector. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt,
* HK->Shanghai Connect daily quota used 2.2%, Shanghai->HK daily quota used 4.6% * HSI +1.0%, HSCE +0.8%, CSI300 +0.4% * FTSE China A50 +0.5% SHANGHAI, June 18 () – Hong Kong stocks closed higher on Tuesday, extending a rally from the previous session, aided by strong inflows from the mainland even as the protests subsided.
HONG KONG () – Hong Kong leader Carrie Lam apologized again on Tuesday and said she had heard the people “loud and clear” after some of the most violent protests in the Chinese-ruled city against an extradition bill that she promoted and then postponed. Hong Kong Chief Executive Carrie Lam attends a news conference in
MILAN () – Italian mid-sized lender Creval said on Tuesday it would spin off its bad debts into a separate unit and reduce its exposure to domestic government bonds under a new plan seeking to triple net profit in the next three years. The bank expects to roughly halve its gross soured loan burden to
* SSEC +0.1%, CSI300 +0.4% * HK->Shanghai Connect daily quota used 2.2%, Shanghai->HK daily quota used 3.9% * FTSE China A50 +0.4% SHANGHAI, June 18 () – China stocks inched higher on Tuesday in thin trade as market participants exercised caution ahead of the U.S. Federal Reserve’s two-day policy meeting. ** The blue-chip CSI300 index
NAIROBI, June 18 () – Carrefour will open its first store in Uganda this year, expanding in the region after a successful launch in neighbouring Kenya, the Dubai-based operator of the French retailer’s outlets said on Tuesday. Majid al Futtaim (MAF), a United Arab Emirates-based mall developer that holds Carrefour franchise rights in 37 countries,
OSLO, June 18 () – Finnish technology firm Tieto has agreed to pay 13.2 billion Norwegian crowns ($1.51 billion) in cash and shares for Norwegian competitor Evry , the two companies announced on Tuesday. The proposed combination will create a digital consultancy with 24,000 employees and annual revenues of nearly 3 billion euros, offering software,
* SSEC +0.1%, CSI300 +0.3%, HSI +0.7% * HK->Shanghai Connect daily quota used 1.4%, Shanghai->HK daily quota used 2.3% * FTSE China A50 +0.4% SHANGHAI, June 18 () – China stocks held steady on Tuesday morning as market participants exercised caution ahead of the U.S. Federal Reserve’s two-day policy meeting. ** The CSI300 index rose
* All eyes on U.S. Federal Reserve interest rate decision * Trading volumes remain low as investors stay on sidelines By Rashmi Ashok June 18 () – Most Southeast Asian stock markets traded in a tight range on Tuesday as caution ahead of the U.S. Federal Reserve’s two-day policy meeting kept investors on the sidelines.
TOKYO () – Bank of Japan Governor Haruhiko Kuroda said the central bank will “certainly” debate heightening overseas risks at a rate review this week, underscoring concerns among policymakers about the economic fallout of a U.S.-China trade war. FILE PHOTO: Bank of Japan Governor Haruhiko Kuroda speaks during a group interview at the BOJ headquarters
BEIJING () – New home prices in China rose at their fastest pace in five months in May, complicating government efforts to keep frothy housing markets under control as it rolls out more stimulus for the slowing economy. FILE PHOTO: A woman rides a tricycle carrying a child near a residential compound in Beijing’s Tongzhou
NEW YORK () – Paul Manafort, U.S. President Donald Trump’s former campaign chairman, was transferred to a detention facility in Manhattan on Monday ahead of an expected arraignment on state charges in New York, a person familiar with the matter said. FILE PHOTO: U.S. President Trump’s former campaign manager Paul Manafort arrives at a hearing
* Defensive sectors see strong buying ahead of Fed meet * Heavyweight financials, mining stocks muted By Ambar Warrick June 18 () – Australian shares rose on Tuesday after the country’s central bank said further policy easing was likely, although buyers largely targeted defensive sectors ahead of a two-day U.S. Federal Reserve meeting. The S&P/ASX
* May new home prices +0.7% m/m vs +0.6% in April * Annual growth +10.7% vs +10.7% in April * 67 out of 70 cities reported higher prices, same from April BEIJING, June 18 () – New home prices in China rose at their fastest pace in five months in May, complicating government efforts to
FILE PHOTO: A woman rides a tricycle carrying a child near a residential compound in Beijing’s Tongzhou district, China, February 25, 2016. /Jason Lee/File PhotoBEIJING () – China’s new home prices rose 0.7% month-on-month in May, picking up the pace slightly from a 0.6% gain the previous month, calculated from National Bureau of Statistics (NBS)
SYDNEY () – Investors in Australian mortgage bonds are demanding higher premiums to buy the riskiest tranches of new debt, as a slowing economy stokes concerns a property downturn could get worse and increase home loan defaults. FILE PHOTO: Houses located in the Sydney suburb of Coogee can be seen along the coastline in Australia,
NEW YORK () – Paul Manafort, U.S. President Donald Trump’s former campaign chairman, was transferred to a detention facility in Manhattan on Monday ahead of an expected arraignment on state charges in New York, a person familiar with the matter said. FILE PHOTO: U.S. President Trump’s former campaign manager Paul Manafort arrives at a hearing
BRASILIA () – Brazilian President Jair Bolsonaro’s government has named a 38-year-old banking executive as the head of development bank BNDES, replacing Joaquim Levy, who resigned on Sunday after Bolsonaro publicly criticized him. The Economy Ministry said Gustavo Montezano, its privatization secretary charged with advancing the divestiture of state assets, was named to run BNDES,
SAO PAULO () – Brazilian conglomerate Odebrecht SA filed on Monday for bankruptcy protection, aiming to restructure 51 billion reais ($13 billion) of debt in what would be one of Latin America’s largest-ever in-court debt restructurings. FILE PHOTO: The corporate logo of Odebrecht is seen inside of one of its offices in Mexico City, Mexico
