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
() – 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
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
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
LONDON () – The Lloyd’s of London Ltd [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
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
() – 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
LONDON () – Britain’s government on Monday dismissed opposition suggestions that Prime Minister Boris Johnson faces a financial conflict of interest over Brexit after receiving donations from fund managers who may be betting on a fall in the pound. Britain’s Chancellor of the Exchequer Sajid Javid is seen outside the venue for the Conservative Party
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
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
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
() – 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
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,
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
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
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.
(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
(Adds details) NAIROBI, Sept 30 () – Kenya’s economy grew by 5.6% in the second quarter of this year, down from expanding 6.4% in the same period a year earlier, the statistics office said on Monday. It attributed the deceleration in growth to a slowdown in the key farming sector, which accounts for close to
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
() – Sempra Energy said on Monday it would sell its Peruvian businesses to a unit of China Yangtze Power Co for $3.59 billion, as part of a planned exit from South America to focus on its core U.S. and Mexican markets. FILE PHOTO: Sempra Energy headquarters is pictured in downtown San Diego, California, U.S.,
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
(Adds HKMA comments, charts, year-on-year changes, analyst comments; updates HKD price; recasts) By Noah Sin HONG KONG, Sept 30 () – Local currency deposits in Hong Kong shrank the most month-on-month in over a year in August while U.S. dollar deposits ballooned, official data showed on Monday. Hong Kong dollar deposits declined by 1.6% last
FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. /Brendan McDermid() – Blackstone Group Inc (BX.N) said on Monday it would buy U.S. industrial warehouses from real estate and investment management firm
(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
(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
* Graphic: World FX rates in 2019 tmsnrt.rs/2egbfVh * Graphic: Trade-weighted sterling since Brexit vote tmsnrt.rs/2hwV9Hv (Updates prices, adds quote, chart) By Sujata Rao LONDON, Sept 30 () – Sterling inched higher on Monday after a week of hefty losses and showed little reaction to data pointing to a contraction in the UK economy as
JAKARTA, Sept 30 () – Indonesia’s President Joko Widodo said on Monday the government would review a plan to raise the cheapest premiums of the state health insurer by 65% starting this month, after meeting with trade union leaders opposing the measure. BPJS Kesehatan, which provides universal health coverage for over 200 million people, regularly
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
* Second fine by regulator over enhanced annuities * Follows 31 mln stg fine for Standard Life Assurance in July * Prudential has so far paid 110 mln stg in redress (Adds background, detail, shares) By Huw Jones and Carolyn Cohn LONDON, Sept 30 () – Britain’s markets watchdog has fined the country’s largest insurer
