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 […]

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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 […]

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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 […]

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UPDATE 1-Lloyd’s of London to go electronic to compete with low-cost rivals

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 […]

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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 […]

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UPDATE 2-Brexit sterling bets pose no conflict for UK’s Johnson – government

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 […]

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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 […]

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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 […]

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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 […]

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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, […]

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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 […]

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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 […]

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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. […]

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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 […]

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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 […]

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UPDATE 1-Hong Kong’s local currency deposits drop in August, c.bank says ‘normal’

(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 […]

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UPDATE 2-Fitch cuts Saudi credit rating citing « risk of further attacks »

* Agency cites rising geopolitical and military tensions * Move disappoints Saudi Arabia * Saudi says budget deficit is within 2019 parameters * Riyadh seeks investment to drive diversification * Attack initially halved crude oil output * Kingdom pursues Saudi Aramco IPO * FACTBOX on regional tensions (Adds quotes, details) DUBAI, Sept 30 () – […]

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UPDATE 1-Blackstone to buy U.S. warehouses from Colony Capital in $5.9 bln deal

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 […]

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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 […]

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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 […]

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UPDATE 1-Sterling near 3-week low as PM Johnson reiterates Oct 31 Brexit pledge

* 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 […]

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Indonesia president orders review of health insurance premium hike amid protests

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 […]

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UPDATE 1-UK Markets watchdog fines Prudential 24 mln pounds over annuity sales

* 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 […]

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