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☆ Swiss lender ZKB held takeover talks with GAM Holding, Financial Times reports
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 22 (Reuters) - Swiss lender Zuercher Kantonalbank, known locally as ZKB, has held takeover talks with GAM Holding AG (GAMH.S), the Financial Times reported on Saturday, citing people familiar with the matter. London-listed Liontrust Asset Management (LIO.L) said earlier this week it was discussing a potential merger of its investment management unit with GAM. In an emailed statement, ZKB declined to comment on whether takeover talks had taken place with GAM, but said the company was "constantly examining opportunities within its business development strategy". According to the Financial Times report, Z Capital Group, a New York-based investment firm, is also interested in buying GAM. GAM and Z Capital did not immediately respond to requests for comment.

☆ Zürcher Kantonalbank held takeover talks with GAM Holding -FT
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 22 (Reuters) - Swiss lender Zurcher Kantonalbank, known locally as ZKB, has held takeover talks with GAM Holding AG (GAMH.S), the Financial Times reported on Saturday, citing people familiar with the matter. London-listed Liontrust Asset Management also said earlier this week that it was discussing a potential merger of its investment management unit with GAM, which is headquartered in Zurich. Swiss asset manager GAM, which has lost over 95% of its value following a bond fund scandal in 2018, is now looking to sell itself. Z Capital Group, a New York-based investment firm, is also interested in buying GAM, the newspaper added. GAM, ZKB and Z Capital did not immediately respond to Reuters' requests for comment.

☆ US regulator calls for greater scrutiny of hedge funds after bond turmoil, Financial Times reports
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

April 15 (Reuters) - Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), said hedge funds and other parts of the shadow banking system need to face greater scrutiny after last month's upheaval in U.S. government bonds, the Financial Times reported on Saturday. Gensler told the newspaper that reducing the risks from speculative funds and non-banking financial institutions was "more important than ever". "When you have that, it's appropriate as a capital markets regulator to talk to folks and see whether that risk . Last month, the SEC proposed new rules for better oversight of private equity and hedge funds that would require reporting of events indicating "significant stress" to the SEC within one business day. Gensler said he had previously identified hedge funds were a risk to financial stability and that the SEC was in direct contact with market participants and received quarterly reports from hedge funds, the report added.

☆ Glass Lewis recommends 'No' vote on Teck's coal business spinoff, Bloomberg reports
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

April 15 (Reuters) - Advisory firm Glass Lewis said Teck Resources Ltd (TECKb.TO) shareholders should vote against Teck's plan to spin off its coal business, Bloomberg News reported on Saturday. The move follows another influential proxy adviser, Institutional Shareholder Services (ISS), which also advised shareholders to reject Teck's restructuring plan this week. The takeover would involve combining and spinning off the thermal and steelmaking coal businesses of both companies. Teck has rejected the offer and made changes to its own proposed restructuring plan to allow for a potentially shorter path to fully separate the copper and zinc business Teck Metals from the steelmaking coal Elk Valley business. A vote on Teck's own plan is scheduled for April 26.

☆ Ukraine PM to visit Canada in coming weeks
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +2 min

April 7 (Reuters) - Ukrainian Prime Minister Denys Shmyhal is planning to visit Canada in the coming weeks, a spokesperson for the Canadian Prime Minister told Reuters on Friday. Ukraine is expected to launch a counter-offensive to seize back land in the south and east of the country from Russian forces in the coming weeks or months. The Ukrainian premier was quoted by the Globe as saying Ukraine would also like Canada to offer war risk insurance to Canadian companies investing in Ukraine to support reconstruction and foreign investment. "So if a Canadian company will decide to invest money into Ukraine, we will ask the Canadian government to create some mechanism to support Canadian investments," he said. Canadian Prime Minister Justin Trudeau's Liberal government has been one of Ukraine's most vocal international supporters and provided Kyiv with more than C$5 billion ($3.70 billion) in financial, military and other aid.

☆ Perenco UK says 60% of oil spill in southern England recovered
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/4] General view of Poole Harbour after about 200 barrels of reservoir fluid leaked into the water in Dorset, Britain, March 27, 2023. REUTERS/Peter CziborraMarch 29 (Reuters) - Anglo-French oil company Perenco's UK unit said on Wednesday it had recovered about 60% of the estimated oil leaked on Sunday at one of its well sites in Wytch Farm in Dorset, southern England. The location of the leak was identified and operations at Wytch Farm remain suspended, the company said in a statement. Perenco UK said it was investigating the cause of the spill, in consultation with the environment agency and local authorities. Perenco UK produces about 40,000 barrels of oil equivalent a day, with Wytch Farm accounting for about 14,000 barrels.

☆ US officials study ways to expand FDIC coverage to all deposits -Bloomberg News
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +1 min

March 20 (Reuters) - U.S officials are looking at ways to temporarily expand Federal Deposit Insurance Corp (FDIC) coverage to all deposits, Bloomberg News reported on Monday. U.S. Treasury Department staff are studying whether federal regulators have enough emergency authority to insure deposits above the current $250,000 cap on accounts without the consent of Congress, the report said, citing people familiar with the matter. One legal framework that is being looked at for expanding FDIC insurance would use the Treasury Department's authority to take emergency action and lean on the Exchange Stabilization Fund, the report added. "Due to decisive recent actions, the situation has stabilized, deposit flows are improving and Americans can have confidence in the safety of their deposits," a U.S. Treasury spokesperson told Bloomberg. Reporting by Gokul Pisharody and Juby Babu in Bengaluru; Editing by Neil Fullick and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Former top Credit Suisse shareholder sells full stake in bank - FT
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

Harris started to cut its exposure in October after Credit Suisse raised 4 billion Swiss francs ($4.27 billion) from investors, and when Saudi National Bank supplanted it as the top investor, David Herro, deputy chairman of Harris Associates, told the Financial Times. Credit Suisse reported a sharp acceleration in withdrawals in the fourth quarter, with outflows of more than 110 billion Swiss francs ($120 billion). In an emailed statement to Reuters on Sunday, Credit Suisse said, "we are ahead of our plan and have clear strategic objectives." "We are laser focused on successfully executing our plan and on progressing toward our targets to ensure new Credit Suisse delivers sustainable value for all our stakeholders," the statement added. Credit Suisse last month reported its biggest annual loss since the 2008 global financial crisis after rattled clients pulled billions from the bank, and it warned of a further "substantial" loss this year.

☆ Walgreens won't dispense abortion pills in some Republican states
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Walgreens Boots Alliance Inc (WBA.O) on Thursday said it will not dispense abortion pills in the states of 20 Republican attorneys general who have told the pharmacy chain it risked breaking the law should it dispense them to the states by mail. The decision comes after the U.S. Food and Drug Administration allowed retail pharmacies to dispense mifepristone pills, including by mail, provided they are certified under special safety rules for the drug. A Walgreens spokesperson said the pharmacy's decision was in response to a letter from the attorneys general. They said Walgreens intended to become a certified pharmacy and would only dispense in jurisdictions where it was legal to do so. Mifepristone, used in combination with another drug, misoprostol, is approved for abortion within the first 10 weeks of pregnancy.

☆ UK treasury looking at U-turn on planned cut to UK energy subsidies, Financial Times reports
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

[1/2] A customer checks the credit on a prepayment electricity meter outside a house in Cardiff, Britain February 3, 2023. REUTERS/Natasha HirstFeb 28 (Reuters) - UK Chancellor Jeremy Hunt is examining plans to protect British families from a rise in energy bills by reversing a planned cut in subsidies, the Financial Times reported on Tuesday. Officials confirmed to the Financial Times that the government's plans to lift the level of support in April was under review and could be dropped in the country's budget in two weeks' time. "At present there is no plan to change the policy in the Budget but there could be," one official told FT. The UK treasury department did not immediately respond to a Reuters' request for comment.

☆ Britain's Treasury in discussions to speed up Solvency II reforms - FT
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - Britain's Treasury is in discussions to speed up a post-Brexit reform that will unlock 100 billion pounds ($120.88 billion) of investment from UK's insurance sector, the Financial Times reported on Friday, citing people familiar with the matter. British officials are discussing whether to pursue a two-stage implementation of the European Union's Solvency II regime, the report said. The British government was in "active discussions with the Prudential Regulation Authority, which supervises the insurance sector, and insurers as to how we can speed up implementation over the coming months," the newspaper quoted a Treasury source as saying. The Bank of England had already proposed easing Solvency II, a set of capital requirements for insurers inherited from the EU, but insurers want more capital released. British Finance Minister Jeremy Hunt in a speech last month said that reforms to the European Union's Solvency II rules will be implemented in the coming months, allowing insurers to invest more in the economy.

☆ Sixth Street preparing bid for German football media rights - FT
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - U.S. investor Sixth Street is among the companies preparing to bid for a portion of the German football league's media and commercial rights, the Financial Times reported on Monday, citing people familiar with the matter. The report comes as Germany's soccer governing body is pressing on with plans to sell parts of the Bundesliga media rights for the country's first and second leagues to private investors. The German football league was initially expected to sell a 20% stake in a newly created company handling the Bundesliga's media rights in October, but pushed it to this year after a lack of consensus among the league clubs. The business is valued at between 15 billion euros and 18 billion euros, with a 20% stake priced at about 3.6 billion euros ($3.89 billion). Sixth Street declined to comment on the Financial Times report, while DFL and Bundesliga did not immediately respond to Reuters requests for comment.

☆ Pension schemes advised to sell LDI funds after gilt chaos - FT
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Feb 6 (Reuters) - Pension schemes that invested in liability-driven investment (LDI) funds run by BlackRock and other managers are being advised to sell their holdings, the Financial Times newspaper reported on Monday. Investment advisers XPS Pensions and Barnett Waddingham have cut their ratings on some pooled LDI funds to their lowest ranking, according to the report, adding that the downgrades had been communicated to multiple pension funds. The downgrades only affected "pooled" fund arrangements, or a large group of pension schemes invested together, rather than individual scheme funds, the report added. XPS confirmed that it has downgraded three LDI managers pooled funds off the back of the research undertaken during December and January. LDI funds have been used by pension schemes to ensure they can meet payouts to pensioners in future years.

☆ Sony Group CFO Totoki to succeed Yoshida as president
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Feb 2 (Reuters) - Sony Group Corp (6758.T) said on Thursday chief financial officer Hiroki Totoki would become president and chief operating officer on April 1 while retaining his current role. Incumbent president Kenichiro Yoshida will remain as chairman and chief executive officer. The entertainment and electronics conglomerate will hold a news conference on its new leadership at 4:00 p.m. (0700 GMT). Besides his role as chief financial officer in 2018, Totoki has been chief of the company's mobile phone division and head of the banking division. Reporting by Gokul Pisharody in Bengaluru and Kiyoshi Takenaka in Tokyo; Editing by Jacqueline Wong and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ EY Germany to make structural changes in cost-reduction push
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - The German unit of EY, formerly known as Ernst & Young, has decided to make structural changes with a focus on personnel measures and reductions of non-personnel costs, a company spokesperson told Reuters on Thursday in an emailed statement. The company has initiated discussions with the so-called co-determination body, the spokesperson said, referring to the German system that gives workers a say in corporate decision-making. EY, one of the "Big Four" global accountant firms, had audited and certified payments company Wirecard's books even as journalists and investors raised questions about its finances. Wirecard collapsed in 2020 after it was forced to admit that 1.9 billion euros ($2.07 billion) were missing from its balance sheet. ($1 = 0.9165 euros)Reporting by Gokul Pisharody and Jyoti Narayan in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Logitech quarterly sales fall 22% as slowdown fears bite
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado RuvicJan 24 (Reuters) - Computer peripherals maker Logitech International (LOGN.S) said on Tuesday its third-quarter sales fell 22%, confirming its preliminary results which showed that business customers had put the brakes on buying new equipment amid slowdown concerns. The company's preliminary figures published on Jan. 11 showed its sales had fallen to between $1.26 and 1.27 billion. Its non-GAAP operating income fell 32% to $204 million from $302 million a year earlier. It had previously reported preliminary operating income in the range of $198 to $203 million. It still expects full-year sales to drop 13% to 15% in the 12 months to the end of March, and generate non-GAAP operating income of $550 to $600 million.

☆ Airbus seeks outside investment for solar-powered Zephyr drone programme
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Airbus (AIR.PA) said on Monday it was seeking outside investment for its high-altitude surveillance and communications drone programme Zephyr, in a bid to scale the business and accelerate its commercialization. The solar-powered Zephyr drone is designed to linger at an altitude of about 70,000 feet (21 kilometres) for months at a time for surveillance or to provide a temporary boost to communications. "Airbus plans to maintain ownership in Aalto, but will consider outside investment to help accelerate the company's objectives." The Financial Times newspaper, which first reported the news on Monday, said that Airbus was planning to spin off the drone unit with the aim of starting commercial operations by the end of next year. Sameer Halawi, who has been leading the programme since last summer, told FT that the Zephyr was "at a final design stage".

☆ Airbus plans to spin off Zephyr drone programme -FT
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Airbus (AIR.PA) is looking to spin off its high-altitude surveillance and communications drone programme Zephyr, with the aim of starting commercial operations by the end of next year, the Financial Times reported on Monday. The solar-powered Zephyr drone is designed to linger at an altitude of about 70,000 feet (21 kilometres) for months at a time for surveillance or to provide a temporary boost to communications. Sameer Halawi who has been leading the programme since last summer told FT that the Zephyr was "at a final design stage." "The idea of the carve-out is to bring like-minded partners to the equation and to be able to scale this business," said Halawi, adding Airbus does not offer telecom services. Reporting by Gokul Pisharody in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ UK to extend its energy price support scheme to non-domestic customers
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - The UK will extend its Energy Bill Relief Scheme (EBRS) for non-domestic customers in Great Britain and Northern Ireland, the country's department for Business, Energy & Industrial strategy said in a statement on Thursday. The scheme will provide a discount on gas and electricity unit prices for non-domestic customers like businesses, voluntary sector organizations such as charities, and public sector organizations such as schools, hospitals and care homes. The government will also provide a fixed payment of 150 pounds ($180) to all non-domestic consumers that are not on the gas grid or use alternative fuels, with "top-up" payments for large users of heating oil based on usage. The extension of the energy price support scheme comes at a time when energy-intensive businesses in the country are struggling with the soaring cost of power. ($1 = 0.8315 pounds)Reporting by Gokul Pisharody in Bengaluru; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ UK to consider COVID curbs for arrivals from China - Telegraph
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - The UK will consider on Thursday imposing COVID-19 restrictions for arrivals from China, including requiring tests for the coronavirus, the Telegraph reported. Officials from the Department for Transport, Home Office and the Department for Health and Social Care (DHSC) are expected to decide today whether the UK should follow the United States and Italy in imposing COVID restrictions for travellers from China, the report said. The Prime Minister's spokesperson had said earlier on Wednesday that the restrictions were "not something we are looking at", the report added. The United States imposed mandatory COVID-19 tests on travelers from China on Wednesday while Italy has ordered COVID-19 antigen swabs and virus sequencing for all travellers coming from China. Reporting by Gokul Pisharody in Bengaluru; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Peloton to offer refurbished bikes at discounted prices
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

Dec 26 (Reuters) - Peloton Interactive Inc (PTON.O) is offering refurbished bikes across the continental U.S. and Canada at a discount of up to $500 over new bikes, the company said on Monday. The program, called Peloton Certified Refurbished, will provide models priced at $1,145 and $1,995 with the same 12 month warranty provided with new bikes. The fitness equipment maker was all the rage among fitness enthusiasts during COVID-19 lockdowns, with the company hitting a peak market valuation of nearly $50 billion in early 2021. However with people returning to gyms the company saw demand for its fitness equipment dwindle and saw its market cap slump to $3.02 billion currently. The company earlier this year expanded its rental program in the U.S., giving consumers a month-to-month option on its Peloton Bike and Bike+ models.

☆ Twitter to relaunch Twitter Blue at higher price for Apple users
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +1 min

Dec 10 (Reuters) - Twitter Inc will relaunch a revamped version of its subscription service Twitter Blue on Monday at a higher price for Apple users, the company said in a tweet on Saturday. Twitter had initially launched the Twitter Blue early in November before pausing it as fake accounts mushroomed. He had then accused Apple of threatening to block Twitter from its app store and also said that the iPhone maker had stopped advertising on the social media platform. However, after a subsequent meeting with Apple chief executive Tim Cook, he tweeted that the misunderstanding about Twitter being removed from Apple's app store was resolved. Both Twitter and Apple did not respond to Reuters request for comments.

☆ UK health unions offer to pause NHS strikes if government joins pay talks
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: +2 min

Dec 10 (Reuters) - British health unions have offered to suspend a wave of planned strikes in health services over Christmas and the New Year if the government agrees to open serious discussions over pay. The Royal College of Nursing (RCN) and Unison said they would consider calling off the strikes if Britain's health and social care minister Steve Barclay agrees to host serious negotiations. "I will press pause on it when the health secretary says he will negotiate seriously on our dispute this year," RCN General Secretary Pat Cullen said in a statement. "Rather than scare the public about the consequences of strikes, the health secretary should table genuine plans for improving wages," said Unison general secretary Christina McAnea in a statement. "Ministers have had constructive talks with unions, including the RCN and Unison," a Department of Health and Social Care spokesperson said in a statement.

☆ Magnitude 6.1 earthquake strikes Mindanao, Philippines -EMSC
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: 1 min

Dec 9 (Reuters) - An earthquake of magnitude 6.1 struck the Mindanao region of the Philippines early Saturday morning, the European-Mediterranean Seismological Centre (EMSC) said. The quake's epicentre was at a depth of 60 km (37.28 miles), the EMSC said. Reporting by Gokul Pisharody in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ FTX founder Sam Bankman-Fried is said to face market manipulation inquiry by U.S. prosecutors - NYT
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

The prosecutors are looking into whether Bankman-Fried controlled the prices of two interlinked currencies, TerraUsd and Luna, to benefit the entities he controlled including FTX and Alameda Research, the report said. Regulators around the globe, including in the Bahamas where FTX is based and in the United States, are investigating the role of FTX's top executives including Bankman-Fried in the firm's stunning collapse, Reuters has previously reported. In recent weeks, U.S. authorities have sought information from investors and potential investors in FTX, according to two sources with knowledge of the requests. Federal prosecutors in New York are asking for details on any communications such firms have had with the crypto firm and its executives, including Bankman-Fried, the sources said. FTX and Alameda research did not respond to Reuters request for comments.

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