Italy’s FITD fund approves sale of Carige stake to BPER
The fund that owns ailing Italian lender Carige approved the sale of its stake to BPER Banca. This was stated in a deal that will end a seven-year crisis at the regional lender. BPER is Italy’s fifth-largest bank. Over the last month, they entered exclusive talks over Carige with Italy’s FITD depositor protection fund. And, they […]
BaFin probes Adler Group’s Financial reports
German financial watchdog BaFin is examining the financial reports of Adler Group. They are one of Germany’s biggest landlords. The spokesperson, confirming a report that first appeared in Handelsblatt, declined to elaborate that further. The accounting investigation follows allegations made against Adler by short seller Fraser Perring’s Viceroy Research. Viceroy Research, in a report published […]
Credit Agricole beats profit target
Credit Agricole SA beat its 2022 profit target a year early. Because lower costs for troubled loans and rising revenues across business lines boosted fourth-quarter results beyond consensus. The lender said that it would present a new strategic plan for 2025 on June 22. This is after underlying net income came in at about 5.4 […]
Prudential bosses to operate from Asia
Insurer Prudential announced that setting up a new base for its top executives in Asia rather than London. This is because its Chief Executive Mike Wells is planning to retire next month. Prudential provides life and health insurance. They said that their current finance boss Mark Fitzpatrick will become interim CEO. He has requested not to be […]
FTSE 100 ends flat
London’s FTSE 100 erased early gains to end flat, as weakness in healthcare and commodity-linked shares countered advances in financials. This is while the index recorded its second consecutive monthly increase. After rising as much as 0.8%, the blue-chip FTSE 100 index ended flat, with Rio Tinto, Anglo American, Glencore and AstraZeneca among top drags. The […]
Banks open fixed income front in Europe’s data price battle
The price of bond market data has risen by half over the past five years. This could prompt some users to quit the market and damage liquidity. Big banks and asset managers already say that data on share trades is too expensive. A complaint rejected by exchanges and the Association for Financial Markets in Europe (AFME) […]
HSBC’s Mexico Unit analysing possible Citibanamex purchase
HSBC Mexico’s chief executive officer and president said that HSBC’s Mexico unit is analyzing the purchase of Citigroup’s retail operations in the country, known as Citibanamex. HSBC Mexico’s Jorge Arce said in a conference call first reported by Mexican newspaper El Financiero that they are still looking at the opportunity, if there is a real […]
SPACs On their way to UK
When the Financial Conduct Authority (FCA) made substantial changes to its rulebook last year in order to attract a slice of the SPAC (special purpose acquisition company) action, many of them thought that it could be a game changer. There was enough support for the move from those looking to sink money into SPACs. It […]
After hawkish fed minutes, the Asian shares fall
Asian shares fell, extending a global slump after Federal Reserve meeting minutes pointed to a faster-than-expected rise in U.S. interest rates. This is due to concerns about persistent inflation. Worries over higher U.S. rates combined with growing concerns about the rapid spread of the Omicron coronavirus variant to weigh on riskier assets. Asian shares took […]
Record corporate tax haul drives down Irish budget deficit
Ireland ran a lower-than-expected 2021 budget deficit of around 4% of the economy. This is due to a surge in tax receipts, which includes another record contribution from the corporate sector. The ministry had forecast in October that it would finish the year with a deficit of 5.9% of modified gross national income. The most […]