Mois : septembre 2019

Fed’s $200 billion effort holds down repo rate at quarter-end

NEW YORK () – An extra $200 billion in cash available to the U.S. banking system on Monday thanks to injections by the Federal Reserve kept a lid on short-term borrowing costs at end of the third quarter, preventing a replay of the chaos that hit money markets nearly two weeks ago. Traders and analysts

UPDATE 5-WeWork throws in the towel on its ill-fated IPO

() – WeWork’s parent The We Company said on Monday it will file to withdraw its initial public offering, a week after the SoftBank-backed office-sharing startup ousted founder Adam Neumann as its chief executive officer. FILE PHOTO: A man enters a WeWork co-working space in New York City, New York U.S., January 8, 2019. /Brendan

Swedbank removes three executives from Estonian unit

TALLINN, Sept 30 () – Swedbank has removed three executives from its Estonian business and appointed their replacements, including a new head of the unit embroiled in an international money laundering investigation. The Swedish lender has already fired its CEO and its chairman resigned in the wake of the allegations being investigated by authorities in

Indian police probe management of co-operative bank

MUMBAI () – Indian officials registered a police complaint against the senior management of Punjab and Maharashtra Co-operative Bank (PMC) on Monday for hiding non-performing assets and disbursing loans that led to a loss of 43.55 billion rupees ($616.5 million) for the lender, a police official said. FILE PHOTO: A man walks out from a

Senate would have ‘no choice’ but to hold impeachment trial -McConnell

FILE PHOTO: Senate Majority Leader Mitch McConnell (R-KY) listens during a weekly Senate Luncheon press conference at the U.S. Capitol in Washington, U.S., September 24, 2019. /Tom BrennerWASHINGTON () – Senate Majority Leader Mitch McConnell said on Monday he would have “no choice” but to hold a trial if the House of Representatives decides to

UPDATE 2-Weak euro, Wall Street rally buoy European shares

() – European shares rose on Monday, with a higher open on Wall Street bolstering gains later in the session, while exporters were helped by a decline in the value of the euro. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 25, 2019. /StaffWith

UPDATE 1-Britain’s Burford takes legal action to get share data from LSE

LONDON () – Burford Capital (BURF.L) began legal action on Monday against the London Stock Exchange (LSE.L) seeking trading data it said it needs to investigate alleged manipulation of its share price. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. /Toby Melville/File PhotoBurford, a

UPDATE 3-Pound ekes out slender gains against weak euro

LONDON () – Sterling edged up on Monday, benefiting in particular from the euro’s weakness and shrugging off data pointing to a contraction in the UK economy as investor attention remained focused on Brexit news flow. FILE PHOTO: A shop assistant counts piles of British Pound Sterling banknotes at an Apple store in London, Britain

U.S. repo rate spikes at quarter-end

NEW YORK () – The interest rate on U.S. overnight repurchase agreements jumped on Monday as banks and Wall Street are scrambling to fund their loans and trades at the end of the third quarter and before the Federal Reserve’s operation to offer cash into banking system. In early U.S. trading, overnight repo rates were

Swiss wealth management group Julius Baer appoints market heads

() – Julius Baer said on Monday Patrick Prinz and Ettore Bonsignore will be joining the Swiss wealth management group as market heads, effective Oct. 1. Prinz will serve as the market head for Germany and Austria, while Ettore Bonsignore will work as the head of Italy. Prinz was most recently the head of private

Lloyd’s of London to go electronic next year

LONDON () – The Lloyd’s of London [SOLYD.UL] insurance market is planning to launch two electronic exchanges next year as part of a three-year overhaul, it said on Monday, as it seeks to fend off competition from low-cost rivals. FILE PHOTO: The Lloyd’s of London building in the City of London financial district in London,

PayPal to enter China market through local acquisition

FILE PHOTO: The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. /Fabrizio BenschHONG KONG () – U.S. digital money transfer platform PayPal Holdings Inc (PYPL.O) has obtained Beijing’s approval to buy a controlling stake in a domestic payments firm, which would make PayPal the first foreign firm to enter

Brazil approves 14 firms to bid in massive November oil auction

SAO PAULO, Sept 30 () – Fourteen companies have been officially approved by Brazilian authorities to participate in an oil bidding round in November, in which total signing bonuses are expected to be the biggest so far, exceeding $25 billion, national oil regulator ANP said on Monday. As widely expected, the companies participating include a

WeWork says will file to withdraw IPO

FILE PHOTO: A man enters a WeWork co-working space in New York City, New York U.S., January 8, 2019. /Brendan McDermid/File Photo() – WeWork’s parent The We Company said on Monday it will file to withdraw its initial public offering, a week after the SoftBank-backed firm removed founder Adam Neumann as its chief executive officer.

UPDATE 3-Slovenia’s Adria Airways files for bankruptcy

(Updates with Adria statement, Lufthansa comment) By Marja Novak LJUBLJANA, Sept 30 () – Slovenian airline Adria Airways has filed for bankruptcy and cancelled all flights, it said in a statement on Monday, after financial problems forced it to ground most of its planes over the last week. “Bankruptcy proceedings were initiated by the management

Big name IPOs in Q3 brighten gloom for equity market fundraising

LONDON () – A couple of hefty share listings in Europe and the return of AB InBev’s (ABI.BR) Asian unit float in the third quarter of 2019 brought some hope to a global IPO market battered by political volatility and downbeat global growth expectations. FILE PHOTO: Traders work on the floor at the New York

EU to move as quickly as possible to replace Lautenschlaeger on ECB board

FILE PHOTO: Sabine Lautenschlaeger, executive board member of the European Central bank in Frankfurt, February 28, 2014. /Ralph Orlowski/File PhotoBRUSSELS () – Euro zone finance ministers are set to move as quickly as possible in seeking a replacement for Sabine Lautenschlaeger on the European Central Bank board after her surprise resignation last week. Ministers are

REFILE-UPDATE 1-Fitch downgrades Saudi Arabia on rising geopolitical risk

(Amends to “Saudi Arabia” in headline from “Saudi Arabia’s”) DUBAI, Sept 30 () – Rating agency Fitch downgraded Saudi Arabia’s credit rating to A from A+ on Monday, citing rising geopolitical and military tensions in the Gulf and a deterioration of the kingdom’s fiscal position. The downgrade – which places Saudi Arabia one notch above

UPDATE 1-Slovenia expects bankruptcy of Adria Airways

(Updates with quote, details) LJUBLJANA, Sept 30 () – The bankruptcy of Adria Airways seems the only possible scenario after the Slovenia-based airline cancelled most of its flights since last Tuesday, the country’s economy minister Zdravko Pocivalsek said on Monday. He said the government was considering establishing a new airline company to improve Slovenia’s international

Italy govt has found money to avoid sales tax hike-PM

ROME, Sept 30 () – Italian Prime Minister Giuseppe Conte said on Monday his government had freed up the 23 billion euros ($25 billion) in funds needed to avoid a scheduled increase in the sales tax next year. “We’ll discuss the new budget forecasts today … the first good piece of news is that we’ll