Connect to share and comment

Carlyle sees private-equity focus on emerging markets

By Guillermo Parra-Bernal RIO DE JANEIRO (Reuters) - The global private equity industry will focus more on emerging markets in coming years as Brazil and China become the leading global recipients of capital from the sector, a senior industry executive said on Monday.

Citi posts higher income as troubled assets perform better

By David Henry and Tanya Agrawal (Reuters) - Citigroup Inc posted better-than-expected quarterly income as losses on troubled assets narrowed, but revenue declined in many of its major businesses and operating expenses remained stubbornly high. The biggest boon to Citigroup's first-quarter results came from Citi Holdings, the unit that houses the assets it's looking to shed. But echoing JPMorgan Chase & Co's results on Friday, Citigroup was hurt overall by a decline in revenue from bond trading and home mortgage lending.

How to avoid the trouble coming to the tech sector

By John Wasik CHICAGO (Reuters) - A resounding shot across the bow has been fired at the tech sector in recent weeks. The tech-heavy Nasdaq Composite Index is down nearly 5 percent in April through Friday's close and the Nasdaq Biotechnology Index is off 21 percent from its record closing high on February 25. Many of the sector's flagships and newcomers have been in the crosshairs. The latest tech stock falterings could be a sign of trouble ahead.

Altice, Numericable plan 10-bn bond sale to fund SFR buy

French telecom operator Numericable and its parent company Altice said Monday they are planning to issue more than 10 billion euros ($13.8 billion) of bonds to fund their acquisition of SFR. Numericable Group, which is buying the mobile phone operator from Vivendi in a deal worth more than 17 billion euros, will issue 6.04 billion euros or equivalent in another currency of senior high yield bonds, said a company statement. Luxembourg-based Altice will also issue 4.15 billion euros or equivalent of bonds.

TIAA-CREF reaches deal to acquire Nuveen Investments for $6.25B including debt

NEW YORK, N.Y. - Financial services provider TIAA-CREF says it's buying investment manager Nuveen Investments in a deal valued at $6.25 billion including debt. Nuveen has about $221 billion in assets under management, bringing TIAA-CREF's total to about $800 billion. TIAA-CREF says the addition boosts its position as a retirement and financial services provider and expands its variety of products and services.

Hong Kong shares end 0.15% higher

Hong Kong shares ended 0.15 percent higher on bargain hunting Monday as investors brushed off another negative lead from Wall Street ahead of the release of Chinese economic growth data later in the week. The benchmark Hang Seng Index rose 35.16 points to 23,038.80 on turnover of HK$61.09 billion (US$7.88 billion). US shares continued their downward spiral Friday led by the technology sector, owing to fears big-name firms such as Facebook, Twitter and Netflix may be overpriced.

JPMorgan on profit drop: Be relieved we aren't taking big risks

By David Henry (Reuters) - JPMorgan Chase & Co executives had a clear message for shareholders after reporting declining first-quarter earnings: don't worry, be happy that the bank isn't chasing short-term gains by making irrational lending decisions. The first quarter was a tough one for JPMorgan. Profit fell 19 percent, revenue fell 8 percent, and the bank set aside 38 percent more money to cover loan losses.

B.C.'s provincial auto insurer to pay back $39 million in overcharged fees

VANCOUVER - The Insurance Corporation of British Columbia was scrambling Sunday to explain why thousands of its customers were wrongly billed, a mistake that is expected to cost the Crown corporation $110 million to fix. ICBC will reimburse with interest the approximately 240,000 optional insurance customers who have been overcharged by mid-July, says Mark Blucher the Crown corporation's CEO. The average overpayment was $21 each year per customer and ICBC estimates that it will be paying back $36 million plus an additional $3 million in interest.

Europe's top banks cut 80,000 more staff in post-crisis overhaul

By Laura Noonan and Joshua Franklin LONDON (Reuters) - Europe's largest banks cut their staff by another 3.5 percent last year and the prospect of a return to pre-crisis employment levels seems far off, despite the region's fledgling economic recovery. Spurred into action by falling revenue, mounting losses and the need to convince regulators they are no longer "too big to fail", banks across the globe have shrunk radically since the 2008 collapse of U.S. bank Lehman Brothers sparked the financial crisis.

Europe's top banks cut 80,000 more staff in post-crisis overhaul

By Laura Noonan and Joshua Franklin LONDON (Reuters) - Europe's largest banks cut their staff by another 3.5 percent last year and the prospect of a return to pre-crisis employment levels seems far off, despite the region's fledgling economic recovery. Spurred into action by falling revenue, mounting losses and the need to convince regulators they are no longer "too big to fail", banks across the globe have shrunk radically since the 2008 collapse of U.S. bank Lehman Brothers sparked the financial crisis.
Syndicate content