Moelis puts banker on leave after incident in Brooklyn
Investment bank Moelis & Co (MC.N), opens new tab said on Monday that one of its employees is on leave after being involved in a “serious incident” in Brooklyn on Saturday. “We are aware that one of our employees was involved in a serious incident in Brooklyn on June 8,” a spokesperson for the bank said in […]
Italy’s bad loan manager doValue to buy rival Gardant, shares surge
Italy’s doValue (DOVA.MI), opens new tab has agreed to buy rival Gardant in a cash-and-stock deal, the country’s biggest bad loan company said early on Friday, bulking up in the face of ebbing flow of impaired debt due to banks’ surprisingly healthy loan books. Shares of doValue jumped as much as 9% in early trade, but trimmed […]
New Zealand orders inquiry into banking sector amid competition concerns
New Zealand will conduct an inquiry to assess competition in the country’s banking sector, focusing on services in rural regions, Finance Minister Nicola Willis said on Wednesday. The decision comes after a draft report in March by the country’s competition watchdog said New Zealand’s four major banks provided limited competition for personal banking, and that a focus […]
At Menendez trial, businessman recounts alleged bribe to senator
A New Jersey businessman testified this week at U.S. Senator Bob Menendez’s corruption trial that the lawmaker claimed to have “saved” the insurance broker, who bought Menendez’s wife a $60,000 Mercedes-Benz, from criminal probes. Star prosecution witness Jose Uribe told jurors he bribed Menendez by buying a car for the senator’s then-girlfriend Nadine in 2019. Uribe said Nadine Menendez, […]
KKR to buy $850-million stake in Quick Quack Car Wash
KKR & Co (KKR.N), opens new tab has agreed to buy a “significant” minority stake in Quick Quack Car Wash, the investment firm told Reuters on Tuesday and sources familiar with the deal said KKR would pay $850 million. Quick Quack’s founders and existing owner Seidler Equity Partners will remain invested in the Roseville, California-based company. Private-equity […]
Spanish stock market supervisor assesses BBVA’s application for $13 billion Sabadell deal
Spain’s stock market supervisor said on Tuesday it has started assessing BBVA’s (BBVA.MC), opens new tab 12.28 billion euro ($13.19 billion) hostile takeover bid for Sabadell (SABE.MC), opens new tab, a potential tie-up that Madrid opposes. The National Securities Market Commission (CNMV) said it had admitted BBVA’s (BBVA.MC), opens new tab application for authorising the deal, which is part of its regulatory […]
World Bank board agrees to host climate ‘loss and damage’ fund
The World Bank’s board approved a plan on Tuesday for the bank to act as interim host of a fund that will provide financial support to developing countries impacted by climate change. Richer nations had been concerned that creating a fund to help cover the impact of extreme weather events – such as floods and […]
Some Nordic retail brokers allow clients to vote at Tesla AGM
Some Nordic retail brokerages are allowing clients to vote at Tesla’s (TSLA.O), opens new tab annual general meeting (AGM) this week, departing from their regular practice, after significant interest from investors and online comments from CEO Elon Musk. The June 13 AGM is shaping up as a referendum on Musk’s leadership, after a judge invalidated the CEO’s $56 billion pay package […]
Multibillion-euro court battle over stranded Russian jets begins in Dublin
Some of the world’s largest aircraft lessors faced off against their insurers in a Dublin courtroom on Tuesday at the start of a months-long battle over around 2.5 billion euros ($2.7 billion) of insurance claims related to jets stranded in Russia. Lessors are suing dozens of insurers around the world over losses of at least […]
Alexander Hamilton’s bank is getting a new name: BNY
Bank of New York Mellon (BK.N), opens new tab is embracing BNY as its new moniker, it announced on Tuesday. The company also unveiled block-lettered signs with the three-letter name across its major offices. Since it was founded 240 years ago by Alexander Hamilton, a U.S. founding father further immortalized in a Broadway musical, BNY has grown […]