26 C
Lagos, South Africa and New York
Friday, June 5, 2020

UBS cuts banker bonuses after missing out on trading boom

Swiss bank trims chief executive Sergio Ermotti’s compensation to SFr13.7m Bonuses for UBS bankers fell a sixth last year after the Swiss bank missed out on the trading boom that has left American rivals enjoying bumper payouts. Sergio Ermotti, chief executive of UBS, and his bankers...

Fed suggests interest rate hike could come soon

Jason Lange WASHINGTON (Reuters) - U.S. central bankers discussed raising interest rates soon to counter excessive economic strength but also examined how global trade disputes could batter businesses and households, minutes of the Federal Reserve’s last policy meeting showed on Wednesday. The Federal Reserve building is...

Citigroup, JPMorgan to pay $182.5 million to settle rate-rigging lawsuit

Jonathan Stempel NEW YORK (Reuters) - Citigroup Inc and JPMorgan Chase & Co will pay $182.5 million to settle U.S. investor litigation claiming they violated antitrust law by conspiring with other banks to rig a key European interest rate benchmark. A preliminary settlement addressing the banks’...

Allan Gray signals Net1 shareholder revolt over South Africa grants debacle

JOHANNESBURG - Investment company Allan Gray said on Friday its 16 percent stake in Net1 allowed it to call a shareholders' meeting over the payment technology provider's handling of the scandal over a South African welfare contract. South Africa's Constitutional Court was set to rule...

For investment bankers, summer listings happened so fast

The value of IPOs in Europe during July and August was at its highest since before the financial crisis By Tim Burke The best summer for European stock market listings since before the financial crisis means the region's equity bankers have now worked on deals...

BMW to Stop Production in China, South Africa on Shortage

BMW AG is set to extend production halts in Germany to China and South Africa on Monday as the luxury-car maker grapples with a shortage of steering parts. Production at the factories in Shenyang and Rosslyn is likely to stop for a day, while its...

Investors turn wary as Brexit, Trump uncertainty grows

  Investors sold sterling and stocks in Europe and Asia on Monday, seeking shelter in gold and the Japanese yen as uncertainty over Britain's departure from the European Union and the policies of U.S. President-elect Donald Trump curbed appetite for risk. The dollar .DXY rose, except...

Kraft Heinz drops $143bn pursuit of Unilever

Buffett and Lemann feared public battle could have been damaging Shares in Unilever fell 8 per cent on Monday morning after Kraft Heinz, the Warren Buffett-backed US food group, dropped its $143bn pursuit of its consumer products rival only two days after publicly confirming its...

McDonald’s to shut 169 outlets in India amid dispute with local partner

NEW DELHI (Reuters) - Fast food chain McDonald's (MCD.N) said on Monday it planned to shut all 169 of its restaurants in India's northern and eastern regions, escalating a dispute with its local partner and potentially putting thousands of workers out of jobs. The U.S....

U.S. retail sales boosted by auto demand; producer prices climb

Lucia Mutikani | WASHINGTON U.S. retail sales rose in December amid strong demand for automobiles and furniture, providing further evidence that the economy ended the fourth quarter with momentum and is poised for stronger growth this year. The strengthening economy is causing inflation to perk up....