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☆ Societe Generale's investment bank limits first-quarter profit plunge
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +1 min

French bank Societe Generale reported a smaller-than-expected 22% slide in first-quarter net income on Friday, as profits on equity derivative sales offset more weakness at its retail bank and in fixed-income trading. France's third-biggest listed lender, whose CEO Slawomir Krupa is seeking to end several years of lackluster performance and trim costs, said group net income over the first three months of the year was 680 million euros ($729.30 million). Sales slipped 0.4% to 6.65 billion euros, above the 6.46 billion-euro analyst average estimate. SocGen's investment banking division saw its earnings jump 26.4% to 690 million euros, beating forecasts, while revenues weakened 5.1% to 2.62 billion euros for the quarter. Equity derivatives sales, an area where SocGen has historically been strong, did well, the bank said, as did corporate financing services and its advisory business.

Persons: Slawomir Krupa Organizations: Societe Generale, Equity

☆ What we know: Kansas City Chiefs embrace community as shooting investigation continues after 2 teens charged
▼ + stars: | 2024-02-16 | by ( Ashley Williams | Ashley R. Williams | ) edition.cnn.com time to read: +6 min

Gunfire interrupts an afternoon of celebratingPeople flee after shots were fired near the Kansas City Chiefs' Super Bowl LVIII victory parade on February 14, 2024, in Kansas City, Missouri. 43-year-old woman killed, several kids hurtThe gunfire killed Elizabeth “Lisa” Lopez-Galvan, a 43-year-old mother and DJ who was remembered as an avid Kansas City Chiefs fan with a natural gift for bringing laughter to those she knew. Chiefs give back to hurting communityThe Kansas City Chiefs and the United Way of Greater Kansas City launched KC Strong, an emergency response fund to help the shooting victims and their families, the team announced on X Friday. A sign made from chairs spelled out "KC STRONG" Thursday afternoon, Feb. 15, 2024, in front of Union Station, the site of a mass shooting at the Kansas City Chiefs Super Bowl rally on Wednesday. Tammy Ljungblad/The Kansas City Star/Tribune News Service/Getty ImagesThe siblings, ages 8 and 10, posed for photos in their hospital rooms with the Mahomes couple.

Persons: –, Stacey Graves, “, Andrew Caballero, Reynolds, ” Jacob Gooch, ”, Manny Abarca, CNN’s Laura Coates, Graves, Elizabeth “ Lisa ” Lopez, Galvan, Lisa Lopez, KKFI Lopez, Stephanie Meyer, ” Graves, Patrick Mahomes, Tammy Ljungblad, Taylor Swift, Lopez, Travis Kelce, CNN’s Alisha Ebrahimji, Alaa Elassar, Kevin Dotson, Caroll Alvarado, Megan Thomas, Michelle Krupa Organizations: CNN, Kansas City, Chiefs Super Bowl, Chiefs, Kansas City Chiefs, Denver, NBA’s Nuggets, Getty, Union Station, Police, “, CBS, ” Authorities, Children’s Mercy Hospital, Children’s Mercy, Alcohol, Tobacco, Firearms, Explosives, Greater Kansas City, KC, Kansas City Chiefs Super, Kansas City Star, Tribune, Service, Swift Locations: Kansas, United States, Kansas City , Missouri, AFP, Union, Jackson County, Greater Kansas, Brittany

Not fun.”Many scientists who study the intersection of climate change, flooding, winter storms and sea level rise agree the kind of damage Levy experienced was more of a sign of things to come than an anomaly. Climate change is forecast to bring more hurricanes to the Northeast as waters warm, some scientists say. In the Northeast, the problem of climate change is especially acute because of forecasted sea level rise here, said Hannah Baranes, a coastal scientist with the Gulf of Maine Research Institute's Climate Center in Portland, Maine. “This is a real moment to consider how much flooding is in several feet of sea level rise,” Baranes said. Vermont, which also suffered heavy damage in Hurricane Irene in 2011, is working to establish statewide floodplain standards, Moore told the Maine Climate Council.

Persons: Haim Levy, ” Levy, “ It's, Levy, Hannah Baranes, it's, Baranes, ”, ” Baranes, Joe Biden, Patrick Keliher, Janet Mills, “, we've, ” Mills, We're, Julie Moore, Hurricane Irene, Moore, hasn't, Irene, Laura Dwyer, Dwyer, Conrad Ferla, Ferla, Charles Krupa, Rodrique Ngowi, ___, Patrick Whittle, @pxwhittle Organizations: Haim, United Nations, European Union, of, state's Department of Marine Resources, Democratic, Maine Climate Council, Vermont Agency of Natural, Coastal Resources Management, Associated Press Locations: PORTLAND, Maine, Hampton , New Hampshire, New Hampshire, New Jersey, Massachusetts, of Maine, Portland , Maine, New England, Vermont Agency of Natural Resources . Vermont, Hurricane, Vermont, ”, North Wildwood, Rhode Island, Narragansett , Rhode Island, South Kingstown

☆ Societe Generale posts sharp profit drop as net banking income slides
▼ + stars: | 2024-02-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Societe Generale on Thursday reported a sharp decline in fourth-quarter net profit on the back of weaker net banking income, but launched a new 280 million euro ($302 million) share buyback program. The French lender posted a group net income of 430 million euros, slightly above a consensus analyst forecast of 404 million euros, according to LSEG data, but well below the 1.07 billion euros recorded for the final quarter of 2022. It comes after the bank posted posted a group net income of 295 million euros for the third quarter, as resilient investment bank performance offset a sharp downturn in its French retail business. Thursday's result took France's third-largest listed bank's annual net profit to 2.49 billion euros, slightly above analyst expectations of 2.15 billion euros. However, quarterly net banking revenue dropped 9.9% year-on-year to 5.96 billion euros, which the bank attributed largely to a decline in net interest income in French retail, and its private banking and insurance division, along with the negative impacts from unwinding hedges.

Persons: Slawomir Krupa, Krupa, BoursoBank Organizations: Generale, SocGen, Global Banking, Investor Solutions, Retail Banking, Soc Locations: France

☆ A Rivian R1T blew through steel guardrails, reflecting safety experts' warnings about heavy vehicles and even heavier EVs
▼ + stars: | 2024-02-03 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +6 min

The crash test highlights safety experts' concerns about faster and heavier EVs. AdvertisementA new video of a Rivian truck bursting through steel guardrails during a crash test highlights some of the safety concerns experts have raised about heavy electric vehicles. Bigger the car, deadlier the crashSafety experts have previously raised concerns about the risks heavy vehicles and heavier EVs could bring to the roads. In the UK, safety experts say the heavier weight could cause older parking garages across the country to collapse. "There is some urgency to address this issue," Cody Stolle, Midwest Roadside Safety Facility's assistant director, told the publication.

Persons: —, Rivian, Ann Carlson, Charles Krupa, Kevin Heaslip, Politifact, Steve Patton, Alexa St, John, Zhe Ji, Myles Russell, they're, Cody Stolle, Ford Organizations: Service, University of Nebraska, Safety Facility, Nebraska Today, Midwest, Safety, National, Traffic Safety Administration, Reuters, Insurance Institute for Highway Safety, Center for Transportation Research, University of Tennessee, P Global Mobility, EV, Alexa, Ferrari, GMC, Ford, Madison Hall, McLaren, Anadolu, Getty, Research, Tesla Locations: Manchester , New Hampshire, Canadian, North America

☆ Five takeaways from the New Hampshire primary
▼ + stars: | 2024-01-23 | by ( Eric Bradner | ) edition.cnn.com time to read: +9 min

But she’ll be battling history: In modern presidential campaign history, no non-incumbent has won the Iowa caucuses and New Hampshire primary without going on to win his party’s nomination. Here are five takeaways from the New Hampshire primaries:Trump wants Haley out — nowIn what were expected to be celebratory remarks Tuesday night in New Hampshire, Trump instead sounded annoyed that Haley had not yet dropped out of the Republican primary race. There are dozens of states left to go,” Haley told supporters in her election night speech Tuesday in New Hampshire. Haley waves to the audience as she speaks at a New Hampshire primary night rally, in Concord, New Hampshire, on Tuesday. (Trump skipped all five Republican primary debates, and has shown no indication he’d consider participating in one.)

Persons: Donald Trump, Nikki Haley, Haley, she’ll, Trump, seethed, “, Joe Biden, —, ”, Vivek Ramaswamy, South Carolina Sen, Tim Scott, ” Ramaswamy, Haley’s, “ megadonors, Scott, Tim, ” Trump, ” Scott, Julie Chavez Rodriguez, won’t, ” Haley, What’s, Ron DeSantis, Mark Harris, Charles Krupa, Biden, Haley outperforms, ” Biden, Biden’s, Evelyn Hockstein, Dean Phillips, Marianne Williamson, Jen O’Malley Dillon, Mike Donilon Organizations: CNN, New, South Carolina Gov, Republican, Trump, White House, Republicans, America, South Carolina Republican, Senate, ’, South Carolina —, Florida Gov, —, Haley, SFA Fund, Republicans ’, South, Trump’s, New Hampshire Republican, Democratic, Democratic National Committee, Hylton Performing Arts Center Locations: New Hampshire, South Carolina, Iowa, Virginia, “, “ New Hampshire, Nevada, Florida, North Charleston, Concord , New Hampshire, CNN’s, America, Manassas , Virginia, Minnesota, Wilmington

☆ Macy’s is laying off workers and closing five stores
▼ + stars: | 2024-01-18 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

David McLane/NY Daily News Archive/Getty Images The first Macy's store, on New York's Sixth Avenue, is seen circa 1880. New York Times Co./Hulton Archive/Getty Images Workers sort parcels at a Macy's store circa 1942. Fritz Goro/The LIFE Picture Collection/Shutterstock Women show dolls to children at a Macy's store around Christmas in 1942. Fred Morgan/NY Daily News Archive/Getty Images The Radio City Rockettes march in the Macy's Thanksgiving Day Parade in 1966. Amy Sussman/AP Images for Macy's This Macy's store in West Palm Beach, Florida, was one of dozens of stores that the company announced it would be closing in 2017.

Persons: David McLane, Santa Claus, Fritz Goro, Bernard Hoffman, Rita Hayworth's, Nina Leen, Fred Morgan, Paul DeMaria, Jean, Erick Pasquier, Monica Almeida, Chris Hondros, Timothy Fadek, Andrew Craft, Eric Thayer, Eduardo Munoz, Andrew Kelly, Amy Sussman, Joe Raedle, Charles Krupa, Gary Hershorn, Macy’s Organizations: New, New York CNN — Veteran, CNN, Street Journal, Commerce Department, NY, The New, Historical Society, of Congress, Santa, Bettmann, . New York Times Co, Hulton, Getty, Keystone, Herald, Macy, City, Workers, Fayetteville Observer, USA, Reuters Shoppers, Reuters, Saxon Middle School Choir, Downtown Burlington High School, Corbis Locations: New York, ., France, Fayetteville , North Carolina, Bay Shore , New York, West Palm Beach , Florida, Burlington , Vermont, New York City, Santa Claus

☆ Coco Gauff eyes ‘double digits’ grand slam career goal ahead of Australian Open
▼ + stars: | 2024-01-13 | by ( Ben Church | ) edition.cnn.com time to read: +4 min

CNN —Coco Gauff may have won her maiden grand slam title at last year’s US Open, but the American youngster already has that particular success in her rear-view mirror. Right now, I would say double digits would be pretty awesome,” Gauff told reporters ahead of this year’s Australian Open. Sarah Stier/Getty Images Gauff celebrates her win after the final set. Sarah Stier/Getty Images Sabalenka and Gauff pose for a photo with former player Billie Jean King before the match. Sarah Stier/Getty Images Gauff is introduced ahead of the match.

Persons: Coco Gauff, Gauff, Aryna, Serena Williams, Arthur, Mike Segar, Reuters Gauff, Mike Stobe, Sarah Stier, Shannon Stapleton, Frank Franklin II, Darren Carroll, AP Sabalenka, Danielle Parhizkaran, Al Bello, Charles Krupa, Clive Brunskill, Sabalenka, Billie Jean King, Timothy A, Clary, Elina Svitolina, Anna Karolína Schmiedlová, Brad Gilbert, ” Gilbert, CNN Sport’s Don Riddell, “ Organizations: CNN, Wimbledon, Reuters, USTA, AP, USA, Network, Sabalenka, Gauff, Getty, Auckland Locations: American, Flushing Meadows, Queens, Belarus, AFP, Melbourne

HARRISBURG, Pa. (AP) — A bill seeking to protect those who travel to Pennsylvania to get abortions by barring public officials from cooperating with authorities in other states that criminalize the practice advanced Wednesday through the Democratic-controlled House of Representatives. At least 16 states -- the majority of Democrat-controlled states -- have adopted laws seeking to protect abortion access since last year. Many of those laws have provisions that protect providers and the people who come from other states seeking an abortion. Josh Shapiro has positioned himself as a defender of abortion rights. Some of Pennsylvania’s neighboring states have sought to protect access to abortion, but those from states where abortion rights have been curtailed have come to Pennsylvania at greater rates seeking services.

Persons: Mary Jo Daley, ” “, ”, Charity Grimm Krupa, You’re, Josh Shapiro, Roe, Wade, Dobbs Organizations: Democratic, Representatives, GOP, Senate, Republicans, Democrat, Democratic Rep, Constitution, ” Democratic, Real Locations: HARRISBURG, Pa, Pennsylvania, Montgomery County, Fayette, U.S, Allegheny County, Western Pennsylvania, West Virginia, Ohio

Republican candidates are prepping for the third GOP presidential debate, as the field narrows with just two months to go before the first nominating contest. After raucous debates in Wisconsin and California, the candidates are set to return to the debate stage for a two-hour event at 8 p.m. The smaller field, paired with recent shakeup among the top challengers to Trump, is expected to produce new dynamics on stage. With that pledge, which has been somewhat controversial among the candidates, GOP presidential hopefuls must sign a statement that they will support the eventual Republican nominee. While the other candidates try to break ahead in the polls, former President Donald Trump – who opted not to participate in the first and second debate – is also expected to skip the upcoming confrontation.

Persons: Mike Pence, Donald Trump –, Donald Trump, Julie Bennett, Ron DeSantis, Rebecca S, Gratz, Nikki Haley, Alex Brandon, Vivek Ramaswamy, Michael M, Chris Christie, Tim Scott, Charles Krupa, Doug Burgum, Scott Olson, Asa Hutchinson, Ryan Binkley Organizations: Trump, Republican National Committee, Republican, Donald Trump Former, The Washington, Getty, United Nations, New Jersey, Asa Hutchinson Former Arkansas, Ryan Binkley Business Locations: Wisconsin, California, Miami, Iowa , New Hampshire , Nevada, South Carolina, Ron DeSantis Florida, Carolina, New, Dakota

NII at the French retail division fell by 27% in the quarter, excluding two regulated savings accounts, "well below expectations," JP Morgan said in a note to clients. The French lender said it now saw NII of its French retail, private banking and insurance division falling by more than 20% in 2023. The French retail division's earnings also suffered from hedging contracts against the risks of low interest rates. SocGen's shares had edged up 0.6% by 0924 GMT. The bank has also finalised the merger of its two French retail networks.

Persons: Gonzalo Fuentes, JP Morgan, SocGen, Slawomir Krupa, Jefferies, Krupa, ALD, Mathieu Rosemain, Silvia Aloisi, Ingrid Melander, Emelia Organizations: Societe Generale, La Defense, REUTERS, European Central Bank, BNP, Deutsche Bank, Barclays, Thomson Locations: La, Paris, France

☆ SocGen Q3 earnings beat estimates as investment bank offsets French slump
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +3 min

Societe Generale , France's third-biggest listed bank, posted better-than-expected quarterly earnings onFriday, as a resilient performance from its investment bank offset the steep downturn seen at its French retail division. SocGen's third-quarter reported group net income came in at 295 million euros ($313.2 million), above the 168 million-euro average of 13 analyst estimates compiled by the company. The bank has also finalised the merger of its two French retail networks. NII at the French retail division fell by 27% in the quarter, excluding two regulated savings accounts. In this context, the 0.4% drop in sales seen at SocGen's investment bank, compares well with some of its European peers.

Persons: Slawomir Krupa Organizations: Generale, BNP, Deutsche Bank, Barclays

☆ Consumers can now find huge discounts on electric cars
▼ + stars: | 2023-10-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

CNN —Thanks to growing competition in the market, and some reticence from consumers, automakers and car dealers are offering huge discounts on electric vehicles, particularly luxury models. In September 2022, the average electric vehicle purchased in the United States, excluding Teslas, went for about $1,500 over sticker price. (Remember, for most new vehicles, the manufacturer’s suggested retail price, or sticker price, is just a suggestion, with the final selling price usually higher or lower.) In sheer dollars, the average price paid for a non-Tesla electric vehicle actually went up slightly over the past year. A couple looks at a Volkswagen ID.4 electric vehicle while shopping at a new car dealership.

Persons: Joseph Yoon, Pat Ryan, ” Ryan, Michael Nagle, Tesla, It’s, Yoon, Alison Flores, “, Edmunds, Charles Krupa Organizations: CNN, Edmunds, Nissan, New York, Bloomberg, Getty, Tesla, Teslas, Audi, BMW, Mercedes, Volkswagen, Hyundai, Volvo, Tax, H, AP Locations: Edmunds, United States, That’s

☆ What are legacy admissions — and do colleges need them?
▼ + stars: | 2023-09-25 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +8 min

Since the Supreme Court’s decision on race-based admissions, Wesleyan University and the University of Minnesota dropped legacy admissions. A 2022 report from nonprofit think tank Education Reform Now found that colleges were turning away from legacy admissions. Eighty-nine percent of college admissions directors did not support the use of legacy admits, and three-quarters of public colleges and universities didn’t even provide a legacy preference. “In that admission process, that legacy extra boost really can make a difference.”Donations, donations, donationsSome colleges say that legacy admissions play a financial role in keeping donors engaged. Casey added that getting rid of legacy admissions won’t change the compositions of the nation’s most elite colleges overnight.

Persons: Michael Roth, “, —, Brian Snyder, EFN, Joan Casey, we’ve, ” Casey, Gabrielle Starr, ” Starr, ” Chris Peterson, hasn’t, Starr, isn’t, “ Dartmouth, ”, Lee Coffin, Charles Krupa, ” Dartmouth, Casey, ” What’s, they’re Organizations: New, New York CNN, US, Court, American Civil Liberties Union, Wesleyan University, University of Minnesota, Johns Hopkins University, Pomona College, ” Wesleyan, CNN, Pew Research Center, Harvard University, Let’s, Harvard, Educational, Inc, Pomona, ”, Massachusetts Institute of Technology, MIT, Culture Colleges, Baker Library, Dartmouth College, Dartmouth, US Department of Education, Harvard University discriminates Locations: New York, Cambridge , Massachusetts, Massachusetts, Pomona, Claremont , California, California, ” Pomona, Hanover, N.H

Republican candidates are gearing up for the second GOP presidential debate, as they look to chip away at former President Donald Trump’s comfortable lead with less than four months before the first nominating contest. After a raucous first debate in Milwaukie last month, the candidates are set to return to the debate stage for a two-hour event at 9 p.m. To qualify for the second debate, a candidate must poll at least 3% in two national polls or 3% in one national poll and one poll from an early state poll in Iowa, New Hampshire, Nevada or South Carolina, according to rules set by the Republican National Committee. In addition to the polling and fundraising requirements, the candidates must also have taken a loyalty pledge in order to participate in the debate, which all eight candidates who participated in the first debate completed. With that pledge, which has been somewhat controversial among the candidates, GOP presidential hopefuls must sign a statement that they will support the eventual Republican nominee.

Persons: Donald Trump’s, Trump, Donald Trump, Julie Bennett, Ron DeSantis, Rebecca S, Gratz, Tim Scott, Charles Krupa, Nikki Haley, Alex Brandon, Vivek Ramaswamy, Michael M, Chris Christie, Doug Burgum, Scott Olson, Mike Pence, Jacquelyn Martin, Asa Hutchinson, Larry Elder, Perry Johnson, SERGIO FLORES, Ryan Binkley, Will Hurd, Steve Laffey Organizations: Republican National Committee, Republican, Trump –, Donald Trump Former, The Washington, Getty, United Nations, New Jersey, Asa Hutchinson Former Arkansas, Larry Elder Conservative, AFP, Ryan Binkley Business, Cranston Locations: Milwaukie, Simi Valley , California, Iowa , New Hampshire , Nevada, South Carolina, Ron DeSantis Florida, Carolina, New, Dakota, Texas, Rhode Island

"We are negatively surprised by lack of revenue growth, increased capital target, payout & ROTE cut, and by the lack of details," Jefferies analysts said in a note. It also said its new targets were based on annual revenue growth expectations between zero and 2% between 2022 and 2026, but that it would aim to improve its cost-to-income ratio. A SocGen veteran and former head of its investment bank, Krupa said he would streamline the bank's activities but didn't elaborate. The share price decline put SocGen on course for the biggest one-day drop since March. "It will take time for the shares to discount the cost improvement given SG's mixed track record," they said.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, SocGen, JP Morgan, Tassilo Hummel, Silvia Aloisi, Elisa Martinuzzi, Michal Alexandrowicz, Mathieu Rosemain, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, BNP, Jefferies, Thomson Locations: La, Paris, France, Russia

☆ Key targets in SocGen's new strategy plan
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

A logo of French bank Societe Generale is seen on the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. Here are key targets:GROWTHAnnual revenue growth expectations between 0 and 2% by 2026. In August last year, the bank said it was aiming for average annual revenue growth of at least 3% for 2021-2025. ROTETargets a 9 to 10% return on tangible equity ratio in 2026, up from a reported 5.6% ROTE at the end of June. CET1Aims for a CET1 ratio - a key measure of financial strength - of 13% in 2026, almost on par with the 13.1% reported at end of June.

Persons: Gonzalo Fuentes, Slawomir Krupa, SocGen, Krupa, Mathieu Rosemain, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, Generale's, Thomson Locations: La, Paris, France

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsLONDON/DUBLIN, Sept 18 (Reuters) - Societe Generale's (SOGN.PA) much-hyped new strategy plans were given a thumbs down by investors on Monday, underscoring uncertainty over European banks as they face a brittle economy. "There are more questions about the future and the economy," Legras said, adding that transformative mergers between banks, which investors have waited for in vain, remained unlikely. Reuters GraphicsThat dampens the prospects for Europe's banks, whose valuations are low and static, said one adviser who works with top executives from the region's lenders, adding that investors struggle to see much promise for the sector. European banks' modest earning power has dampened investor appetite for their shares, which often trade at just a fraction of book value - the sum of their assets. While in the United States, JP Morgan and Morgan Stanley are valued at around 1.5 times book value, Germany's Deutsche Bank, Dutch lender ABN Amro, France's Credit Agricole and Britain's Standard Chartered are valued at just half book value or less.

Persons: Gonzalo Fuentes, Jerome Legras, Legras, Slawomir Krupa, Krupa, Goldman Sachs, JP Morgan, Frederic Rozier, Morgan Stanley, Karel Lannoo, Elisa Martinuzzi, John O'Donnell, Alexander Smith Organizations: Societe Generale, La Defense, REUTERS, Reuters, European Central Bank, European Union, Commission, Deutsche Bank, ABN Amro, France's Credit, Thomson Locations: La, Paris, France, DUBLIN, France's, Europe, United States, Germany, Mirabaud, U.S, Brussels

☆ European shares slip with central banks in focus; Nordic Semiconductor slumps
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 15, 2023. The pan-European STOXX 600 (.STOXX) edged 0.2% lower by 0705 GMT, with healthcare (.SXDP) and rate-sensitive technology stocks (.SX8P) weighing on the index. Global central banks will take centre stage this week, with Bank of England likely to hike interest rates for the 15th time later in the week, while the Fed seems set for a hawkish pause. Nordic Semiconductor ASA (NOD.OL) shed nearly 14% after cutting its revenue guidance for the third quarter. Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Slawomir Krupa, Bansari Mayur, Varun Organizations: REUTERS, Staff, Bank of, Nordic Semiconductor ASA, Societe, Thomson Locations: Frankfurt, Germany, Norway, Sweden, Switzerland, United States, Bank of England, Bengaluru

☆ SocGen's new boss Krupa pledges to cut costs to boost profits by 2026
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: +2 min

Societe Generale's new CEO Slawomir Krupa pledged on Monday to cut costs to boost profits by 2026 amid stagnating sales, in his first strategic plan for France's third-biggest listed bank. SocGen said it would target a 9 to 10% return on tangible equity ratio (ROTE) in 2026, up from a reported 5.6% ROTE at the end of June. The bank also said that it would reduce its exposure to upstream oil and gas businesses by 80% by 2030 when compared to 2019. SocGen said its new targets were based on annual revenue growth expectations between 0 and 2% by 2026. SocGen is also open to a sale of its equipment finance unit, sources have told Reuters.

Persons: Slawomir Krupa, Krupa, ambitioned, SocGen Organizations: Generale's, Basel Committee, Reuters, Finance, BNP Locations: Basel, Russia, Ukraine

People walk past a logo of French bank Societe Generale in front of the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. The bank sees the business as non-core, having sold part of its operations in 2020, said the people, who spoke on condition of anonymity. But a transaction may not happen soon because difficult market conditions weigh on the unit's valuation, they said. Societe Generale Equipment Finance provides equipment leasing and financing solutions to manufacturers, dealers and vendors in sectors ranging from transport to industrials. Rather than naming non-core businesses, Krupa is more likely to outline the group's growth areas, said one person familiar with the bank's thinking.

Persons: Gonzalo Fuentes, Slawomir Krupa, Krupa, Italy's, SocGen, Pablo Mayo Cerqueiro, Mathieu Rosemain, Andres Gonzalez, Amy, Jo Crowley, Elisa Martinuzzi, Silvia Aloisi, Jane Merriman, David Evans Organizations: Societe Generale, La Defense, REUTERS, Finance, Reuters, Deutsche Bank, BNP, Societe Generale Equipment Finance, Basel Committee, Thomson Locations: La, Paris, France, PARIS, Basel

☆ SocGen and Brookfield to launch private debt fund
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: 1 min

The logo of Societe Generale bank is pictured on an office building in Nantes, France, March 16, 2023. REUTERS/Stephane Mahe/file photo Acquire Licensing RightsPARIS, Sept 11 (Reuters) - French lender Societe Generale (SOGN.PA) and asset manager Brookfield Corp (BN.TO) plan to launch a private debt fund targeting total volume of 10 billion euros ($10.73 billion) over the next four years, they announced on Monday. Initial seed funding, which will be directed towards the power, transportation and finance sectors among others, amounts to 2.5 billion euros, the companies said. The fund "will have a positive impact on the real economy", SocGen Chief Executive Slawomir Krupa said in a press release. ($1 = 0.9319 euros)Reporting by Tassilo Hummel Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephane Mahe, Slawomir Krupa, Tassilo Hummel, David Goodman Organizations: Societe Generale, REUTERS, Rights, Brookfield Corp, SocGen, Thomson Locations: Nantes, France

☆ Coco Gauff’s US Open victory given presidential seal of approval
▼ + stars: | 2023-09-10 | by ( Issy Ronald | ) edition.cnn.com time to read: +5 min

“Congrats to U.S. Open Champion Coco Gauff,” President Joe Biden wrote on X, formerly known as Twitter. Mike Stobe/Getty Images Aryna Sabalenka of Belarus is recognized for her runner-up finish against Coco Gauff. Sarah Stier/Getty Images Sabalenka and Gauff pose for a photo with former player Billie Jean King before the match. Sarah Stier/Getty Images Gauff is introduced ahead of the match. Sarah Stier/Getty Images A US flag is unfurled during the opening ceremony for the US Open women's singles final.

Persons: Coco Gauff, Aryna Sabalenka, Venus Williams, Gauff, CNN’s Carolyn Manno, Serena Williams, “, ”, ” Gauff, “ Congrats, Joe Biden, Arthur Ashe, You’ve, ” Coco Gauff, Arthur, Mike Segar, Reuters Gauff, Mike Stobe, Sarah Stier, Shannon Stapleton, Frank Franklin II, Darren Carroll, AP Sabalenka, Danielle Parhizkaran, Al Bello, Charles Krupa, Clive Brunskill, Sabalenka, Billie Jean King, Timothy A, Clary, Michelle Obama, Laura Siegmund, Obama, Gauff’s, Bill Clinton, Venus, Serena, “ Let’s, Nicole Kidman, Amanda Seyfried, Cara Delevingne, Ariana DeBose, Diane Keaton, Mindy Kaling, Rachel Brosnahan, Jonathan Van Ness, Carlos Alcaraz, Zendaya Organizations: CNN, Wimbledon, Reuters, USTA, AP, USA, Network, Sabalenka, Gauff, Getty, WTA, Gotham Locations: American, U.S, America, Queens, Belarus, AFP

☆ America is in a factory boom again. Even a recession may not bring it down this time
▼ + stars: | 2023-09-09 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

A few days before Biden’s speech in Maine, the Fed approved raising interest rates to their highest level in more than 22 years, continuing an aggressive inflation-busting campaign. Customers are also being pinched with higher interest rates,” a food, beverage and tobacco products manufacturer told the ISM in its August survey. “When we built our first building, interest rates were around 14% or so, and that was in the early ’80s,” she said. “We’ve seen some plans go on hold or on a slower burn until those companies see what happens with interest rates and the economy,” he said. Recession or not, the bull case for US manufacturing has the industry — and Biden — in a good mood.

Persons: Kathie Leonard, Leonard, —, ”, ” Leonard, Joe Biden, “, ’ ” Leonard, Biden, Charles Krupa, Paul Krugman, Goldman Sachs, It’s, Scott Paul, Paul, it’s, Auburn Manufacturing’s Leonard, “ we’ve, Julianna Keeling, Lou Pektor, “ We’ve, Jennifer Harris, bode Organizations: DC CNN, Maine Department of Economic, Community Development, Auburn Manufacturing, CNN, Auburn Manufacturing Inc, AP, Commerce Department, Fed, P Global, Institute for Supply Management, Alliance for American Manufacturing, PMI, ISM, Labor Department, Auburn, Manufacturers, Fed Companies, National Economic Council, National Security Council Locations: Washington, Maine, Portland, Auburn , Maine, United States, Pointe, Lehigh

☆ Coco Gauff to face Aryna Sabalenka in the US Open final after gutsy win
▼ + stars: | 2023-09-08 | by ( George Ramsay | ) edition.cnn.com time to read: +4 min

“It was a tough match,” Gauff told reporters. I’m just really proud of myself today.”Gauff and Muchová shake hands after their US Open semifinal. A lengthy delay then ensued at the start of the second set after climate protestors in the crowd disrupted play. Keys hit 12 winners as she bageled the Belarusian in the first set and held a 5-3 lead in the second set. Sabalenka reaches for a drop shot against Keys during their US Open semifinal.

Persons: Coco Gauff, Muchová, Serena Williams, ” Gauff, “, I’m, ”, Sarah Stier, Arthur Ashe, Gauff, Iga Świątek, ’ Gauff’s, Keys, Sabalenka, Charles Krupa, ” Sabalenka, I’ll Organizations: CNN, Czech, American Madison Keys, US, Muchová, French Locations: Belarusian, Friday’s

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