Indonesia’s Widodo retains Sri Mulyani Indrawati as finance minister

FILE PHOTO: Indonesian Finance Minister Sri Mulyani Indrawati during an interview with ahead of the G20 summit in Hamburg, Germany, July 6, 2017. /Wolfgang RattayJAKARTA () – Indonesian President Joko Widodo on Tuesday asked Sri Mulyani Indrawati to continue in her role as finance minister of Southeast Asia’s biggest economy during his second five-year term

PG&E says more potential power cuts could hit about 209,000 customers

() – PG&E Corp (PCG.N) said on Monday about 209,000 customers could be hit by potential power cutoffs this week, less than two weeks after its most recent unprecedented shut-offs hit more than 730,000 homes and workplaces in northern California. FILE PHOTO: PG&E crew work on power lines to repair damage caused by the Camp

Australia shares propped up by miners, NZ flat in thin trade

* ASX 200 gains tracking Wall St., higher commodity prices * Negative AGM comments hit consumer, healthcare stocks * Super Retail biggest loser on the ASX 200 By Ambar Warrick Oct 22 () – Australian shares rose on Tuesday as heavyweight mining stocks benefited from firmer commodity prices, although negative commentary from some annual general

UPDATE 3-Howard Hughes announces management reshuffle, to sell assets worth $2 bln

() – Howard Hughes Corp (HHC.N), which counts activist investor William Ackman as chairman, said on Monday it would sell about $2 billion of non-core assets following a strategic review and announced a management reshuffle. FILE PHOTO: William ‘Bill’ Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference

Banks must reinvent themselves before next downturn – McKinsey

() – A third of banks globally are unlikely to survive a serious economic downturn and must radically revamp their business models, management consultancy McKinsey said in a report on the industry on Monday. A decade on from the global financial crisis, investor confidence in banks globally is also again weakening as margins tighten, and

Santander to sell Puerto Rico unit to FirstBank in $1.1 bln deal

FILE PHOTO: The logo of Santander bank is seen at a branch in Mexico City, Mexico April 12, 2019./Edgard Garrido() – Banco Santander (SAN.MC) said on Monday it had agreed to sell Santander Bancorp, the Spanish lender’s retail and commercial banking franchise in Puerto Rico, to FirstBank Puerto Rico in a deal valued at $1.1

UPDATE 2-Howard Hughes announces management reshuffle, to sell assets worth $2 bln

() – Howard Hughes Corp (HHC.N), which counts activist investor William Ackman as chairman, said on Monday it would sell about $2 billion of non-core assets following a strategic review and announced a management reshuffle. FILE PHOTO: William ‘Bill’ Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference

Former Chevron exec seeks $500 million for post-sanctions Venezuela

HOUSTON () – The former chief of Chevron Corp’s Latin American operations is moving to raise $500 million from big financial firms to invest in Venezuela once U.S. sanctions are eventually lifted, confident that political change will come and that foreign investment will be needed to boost sagging oil output. Ali Moshiri, CEO of Amos

UPDATE 2-Ex-CEOs plead guilty to roles in U.S. college admissions scandal

BOSTON () – Four wealthy parents including the former chief executives of bond manager Pimco and specialty finance lender Hercules Capital Inc (HTGC.N) pleaded guilty on Monday to participating in a vast U.S. college admissions cheating and fraud scheme. Douglas Hodge, former PIMCO CEO, arrives at the federal courthouse for a hearing in a nationwide

Howard Hughes appoints new CEO, explores $2 bln asset sales

Oct 21 () – Howard Hughes Corp on Monday named a new chief executive officer and said it would sell about $2 billion of non-core assets, following the real estate developer’s strategic review process. Paul Layne, president of the company’s Central Region has been named CEO, effective immediately. In June, the real estate developer hired

SoftBank extends $5 billion debt financing offer to WeWork -sources

FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September 30, 2019. /Kate Munsch() – SoftBank Group Corp (9984.T) has made a $5 billion debt financing offer to keep WeWork afloat as part of a deal that would make the Japanese technology conglomerate the majority owner of the struggling

UPDATE 4-Facing protests, Lebanon approves emergency economic reforms

BEIRUT () – Lebanon approved an emergency reform package on Monday in response to protests over dire economic conditions, but the moves did not go far enough to persuade demonstrators to leave the streets or investors to halt a plunge in its bonds. Hundreds of thousands of people have flooded the streets since Thursday, furious

More investors join U.S. lawsuit against Danske Bank

COPENHAGEN, Oct 21 () – A group of 64 institutional investors has joined an existing U.S. lawsuit against Danske Bank over a $200 billion money laundering scandal, the law firms behind the action said in a statement on Monday. Danske Bank is under investigation in several countries including the United States over 200 billion euros

UPDATE 1-Israel’s Netanyahu gives up effort to form new government

FILE PHOTO: Israeli Prime Minister Benjamin Netanyahu attends the swearing-in ceremony of the 22nd Knesset, the Israeli parliament, in Jerusalem October 3, 2019. /Ronen Zvulun/File PhotoJERUSALEM () – Israeli Prime Minister Benjamin Netanyahu said on Monday he was giving up his effort to form a new government after failing to secure a majority coalition in

UPDATE 1-Italy’s biggest bank wants to become less Italian

MILAN () – The chief executive of UniCredit (CRDI.MI) has a plan to revive his company’s ailing share price – make it less Italian. FILE PHOTO: The UniCredit bank headquarters in Milan, Italy, March 27, 2017. /Stefano Rellandini/File PhotoItaly’s biggest bank is looking at whether it can distance itself from its home country’s stagnating economy

Fidelity drops Fisher’s money management firm as withdrawals accelerate

FILE PHOTO: Kenneth Fisher, the founder, chairman, and Chief Executive Officer of Fisher Investments, speaks at the Investment Outlook Summit in New York, December 5, 2011. /Brendan McDermidBOSTON () – Fidelity Investments has dropped Fisher Investments as a money manager, a Fidelity spokesman said on Monday, the latest in an accelerating series of withdrawals from

Fidelity drops Ken Fisher’s investment firm over comments

FILE PHOTO: Kenneth Fisher, the founder, chairman, and Chief Executive Officer of Fisher Investments, speaks at the Investment Outlook Summit in New York, December 5, 2011. /Brendan McDermidBOSTON () – A Fidelity Investments spokesman said on Monday it has dropped Fisher Investments as a money manager over allegedly sexist comments the firm’s leader Kenneth Fisher

UPDATE 3-Facing protests, Lebanon approves emergency economic reforms

BEIRUT () – Lebanon approved an emergency package of economic reforms on Monday in response to countrywide protests against economic mismanagement, but demonstrators stayed in the streets and foreign investors said the moves did not go far enough. Hundreds of thousands of people have flooded the streets since Thursday, furious at a political class they

UPDATE 2-Judge orders Massachusetts to redo parts of vaping ban

BOSTON () – A Massachusetts judge on Monday ruled that a four-month ban on the sale of vaping products the state adopted in response to an outbreak of lung illnesses linked to e-cigarette use was likely unlawful, but he gave the state time to fix its defects. FILE PHOTO: A man uses a vape device