StanChart loses bid to cut US sanctions breach claims from UK lawsuit
Standard Chartered on Monday lost a bid to cut from a London lawsuit allegations that it broke U.S. sanctions against Iran in a more widespread way than it has previously admitted. More than 200 investors are suing Standard Chartered (STAN.L), opens new tab at London’s High Court for allegedly untrue statements about its sanctions non-compliance between 2007 […]
ECB pays attention to good functioning of markets, Lagarde says, after France spooks investors
The European Central Bank pays close attention to the smooth functioning of financial markets, ECB President Christine Lagarde said on Monday, after French President Emmanuel Macron’s call for a snap parliamentary vote last week spooked investors. Investors were demanding a 77-basis-point premium for lending to AA-rated France over triple-A Germany for 10 years in Monday […]
M&A-focused hedge funds lead the pack in May, Goldman Sachs says
Hedge fund managers making bets on mergers and acquisitions outperformed those deploying other strategies with a return of 7.7% in the first five months of 2024, Goldman Sachs said in a note to clients, as deal-making rebounded. Although Goldman did not offer a year-earlier figure for comparison, Barclays prime brokerage noted at the time that […]
UBS begins major share buy-back programme
UBS (UBSG.S), has begun a share buyback program announced earlier this year, and repurchased 44.8 million Swiss francs ($50.21 million) worth of shares last week, the Swiss bank said on Monday. UBS has said the buyback programme would be worth up to $1 billion this year. Share buybacks and dividends are seen by analysts as a […]
Criteria will seek as soon as possible new partner for Naturgy takeover bid -source
Spanish holding firm Criteria will seek a new partner for a potential takeover bid for utility Naturgy (NTGY.MC), as soon as possible after it recently failed to reach an agreement with Abu Dhabi’s TAQA (TAQA.AD), a Criteria source said on Monday. Asked if it had to be an industrial partner from the energy sector, the source said Criteria – […]
States sue US to block rule that oil firms guarantee payment to dismantle old wells
Texas, Louisiana and Mississippi on Monday sued the U.S. government to block the Biden administration’s proposed rule that would require the offshore oil and gas industry to provide nearly $7 billion in financial assurances to cover costs of dismantling old infrastructure. The rule, which would take effect later this year, will predominantly affect smaller companies […]
Trafigura agrees to pay $55 million to settle CFTC charges
A unit of global commodities trader Trafigura has agreed to pay a $55 million civil fine to settle U.S. Commodity Futures Trading Commission charges of fraud, manipulation and impeding whistleblower communications. Trafigura Trading LLC, a Houston firm that is part of Trafigura Beheer BV, violated U.S. law and regulations by trading gasoline with material nonpublic […]
UK’s Labour pledges to plug gaps left by bank branch closures
Britain’s Labour Party said on Monday it would give regulators new powers to significantly increase the number of ‘banking hubs’ on high streets if voted into government next month. Lawmakers in Britain have flagged concerns about the closure of branches leaving some people, particularly in rural areas, facing difficulties accessing cash as many customers bank […]
The euro zone’s fragmented banking industry
Supporters for more consolidation in the euro zone’s banking sector have been watching Spanish lender BBVA’s (BBVA.MC), hostile bid for Sabadell (SABE.MC), alongside comments from some supervisors and lawmakers supporting the idea of more tie-ups. Regulators are keen for more consolidation – both within and across countries – because they believe fewer, stronger lenders will boost the economy […]
China securities regulator vows to strengthen oversight, resolve risks
China’s securities regulator said on Tuesday it will strengthen regulation of all financial activities and prevent and resolve risks, in a move to improve and reform financial markets amid a wobbly economic recovery. The China Securities Regulatory Commission (CSRC) said in a statement it will maintain a “zero-tolerance” stance on illegal activities in the capital […]