Insurers to build private credit exposure in coming years, Moody’s finds
Global insurers plan to invest further in the coming years in the growing but opaque private credit market, according to a new report by Moody’s Ratings. In a survey this week of the world’s largest insurers, Moody’s found that nearly 80% of respondents planned to increase their holdings in at least one class of private […]
New Era Cap to acquire ’47 in lifestyle brand tie-up, sources say
New Era Cap, a supplier of major U.S. sports league headware, has agreed to acquire sports lifestyle brand ’47, people familiar with the matter said on Thursday. The deal between two family-founded brands will create a company that generates around $2 billion in annual revenue, the sources said, requesting anonymity ahead of an official announcement. […]
Credit Suisse AT1 bondholders sue Switzerland in New York
A group of Credit Suisse bondholders holding $82 million worth of the failed bank’s Additional Tier 1 (AT1) debt have filed a lawsuit against Switzerland seeking compensation, U.S. court filings on Thursday showed. Credit Suisse collapsed in 2023 and was taken over by rival UBS in a rescue orchestrated by Swiss authorities. As part of […]
Americans are getting pickier, but they are still spending on hot items
Investors are scouring U.S. credit card spending patterns to size up which, if any, trends could give specialty retailers a boost in the summer months. Recent quarterly results from retailers show shoppers are selectively buying non-essential, nice-to-have products – forgoing electronics, but not being shy about plunking down cash on those wide-legged jeans they’ve been […]
Swiss finmin flags legal risks to winding up global banks
International financial authorities must give consideration to legal risks surrounding the potential winding up of global banks, Swiss Finance Minister Karin Keller-Sutter was quoted as saying on Wednesday. In an interview with the Frankfurter Allgemeine Zeitung newspaper, Keller-Sutter was asked whether rules to deal with banks deemed “too big to fail” need to be standardised […]
National bank mergers can pave way for cross-border deals, ECB’s De Guindos says
National bank mergers must come before cross-border deals, the vice-president of the European Central Bank Luis de Guindos said on Friday, without elaborating if the ECB would approve BBVA’s takeover bid for domestic rival Sabadell. Earlier this week, BBVA (BBVA.MC), opens new tab asked the ECB to authorise its more than 12 billion euro ($13 billion) hostile […]
Backlash blunts edges of UK watchdog’s ‘naming and shaming’ plan
Britain’s markets regulator is expected to narrow down plans to name companies under investigation, four lawyers told Reuters, after a government and industry backlash labelled the proposals misjudged and harmful to London’s competitive ranking. The anticipated move by the Financial Conduct Authority (FCA) is designed to defuse anger over plans that critics say risk dealing irreparable and […]
Asset sales are no panacea for Italy’s debt malady
Italy’s plan to raise around 20 billion euros ($22 billion) over three years by selling state assets to rein in debt is almost certain to fall short of its targets due to persistent political and regulatory hurdles, analysts and officials say. Prime Minister Giorgia Meloni’s government announced last September the initiative as part of attempts to manage […]
Rate cuts will support recovery, ECB’s Rehn says
Inflation will continue to decline and interest rate cuts will support economic recovery, Finnish ECB policymaker Olli Rehn said in a blog post on Friday. The possible scale of interest rate cuts in the next few years could be in the range of 1 to 2 percentage points, given there won’t be any new shocks […]
Amid war, Putin looks east
Cut off from the West, Russia is pitching its $2 trillion economy to giants like China and Saudi Arabia and longer-term prospects like Zimbabwe and Afghanistan at its premier investment forum in St Petersburg, which was founded by the tsars as a window to Europe. The war in Ukraine has led to the biggest upheaval […]