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Lower legal bill boosts Citi profit but core revenue weak
Citigroup Inc reported a massive jump in quarterly profit as a sharp drop in legal costs and gains from the disposal of unwanted assets masked weak revenue from its core business. Shares of Citi, which was displaced by Wells Fargo & Co as the No.3 U.S. bank by assets, fell as much as 7.2 percent to a near three-year low of $42.11 on Friday. Most banks have resorted to aggressive More: Lower legal... [Read more]
Oil plunges below $29 on prospects of more Iranian crude, China worries
World oil prices slumped more than 6 percent to below $29 a barrel on Friday, as a further fall in the Chinese stock market and the prospect of an imminent rise in Iran's crude exports deepened fears of a longer supply glut. The slump was not over yet, some analysts warned, as the lifting of sanctions on Iran opens the door to a wave of new oil. … Excerpt from: Oil plunges below $29 on... [Read more]
Exclusive: Some Ambac shareholders call on CEO to quit, cite delays in paying claims – sources
Three of Ambac Financial Group Inc's top ten shareholders are calling on its new CEO Nader Tavakoli to step down, according to people familiar with the matter. One of the reasons they give is that he is slow to settle $4 billion in insurance claims in which at least two of them have an interest, the sources said. The policy claims relate to complex financial View original post here: Exclusive:... [Read more]
U.S. says talks will continue to reach VW diesel emissions fix
U.S. environmental officials said on Wednesday talks will continue with Volkswagen aimed at reaching an agreement on a fix for nearly 600,000 diesel vehicles that emit up to 40 times legally allowable limits. Nearly four months after the emissions scandal broke, there… More: U.S. says talks will continue to reach VW diesel emissions fix Read More →
Exclusive: Billionaire Lasry’s junk fund stops voluntary reporting of asset levels
A junk bond fund run by billionaire Marc Lasry's Avenue Capital Management, which has experienced heavy investment losses and investor withdrawals, has stopped voluntarily reporting daily asset figures to the mutual fund industry's top two tracking firms. Research chiefs for Morningstar and Lipper said on Monday they had not received daily asset under management figures from the Avenue Credit... [Read more]
Wanda goes to Hollywood: China tycoon’s firm buys film studio Legendary for $3.5 billion
Chinese conglomerate Dalian Wanda Group has bought U.S. film studio Legendary Entertainment for about $3.5 billion, turning its chairman into a Hollywood movie mogul as China's richest man steps up a drive to diversify his business empire overseas. At a news conference in Beijing on Tuesday, Wanda Chairman Wang Jianlin said he plans to package Legendary, behind hits like “Jurassic World”,... [Read more]
How the oil collapse stole Russia’s Christmas
LONDON/MOSCOW (Reuters) – A plunge in the oil price to 12-year lows during Russia's New Year and Orthodox Christmas break means the country returns to work on Monday with its economic recovery and once-mighty savings war chest on the line. Crude's collapse from $100 a barrel since mid-2014 has already pummeled Russia, which relies Read the original post: How the oil collapse stole... [Read more]
Ever so slowly, the euro zone economy awakes
Very slowly – and primarily because of massive stimulus from the European Central Bank – the euro zone is showing signs of recovery. Lower commodity prices will help too, whatever the concerns about deflation. Read the original here: Ever so slowly, the euro zone economy awakes Read More →
China market tsar in spotlight amid stock market turmoil
By Matthew Miller and Shu Zhang BEIJING (Reuters) – Xiao Gang, China's stock market tsar, once remarked that the only thing he'd done right in life was marry his wife. No doubt the self-effacing Xiao, chairman of China Securities Regulatory Commission (CSRC), has Originally posted here: China market tsar in spotlight amid stock market turmoil Read More →
Shire, Baxalta to announce merger as soon as Monday: sources
The deal would come after Reuters first reported on Dec. 22 that Shire's latest offer for Baxalta had met the latter's valuation expectations. Baxalta shares were trading on Thursday just under $39 and Shire stock was at $190.45 a share. Both parties are confident tax concerns arising from Baxalta's spin out from Baxter International Inc will not be an impediment to the transaction... [Read more]