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☆ What life after Larry looks like at BlackRock
▼ + stars: | 2023-05-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

BlackRock CEO Larry Fink Spencer Platt/Getty Images1. Who's next at BlackRock? On Wall Street, you'd be tough to find a founder and their company more synonymous with each other than Larry Fink and BlackRock. And while it's clear he doesn't want to remain at BlackRock forever, what's not clear is who would step in to fill the void. If that isn't enough for you, Rebecca also mapped out how BlackRock organizes its top leadership, identifying the 150 most powerful people and their reporting lines. Click here to learn more about BlackRock's succession plans for Larry Fink.

☆ Grupo Mexico nearing $7 bln deal for Citi's Banamex unit -source
▼ + stars: | 2023-05-11 | by ( Andres Gonzalez | ) www.reuters.com time to read: +2 min

[1/2] The logo of Banamex bank is on a branch in Mexico City, Mexico, November 17, 2017. As part of the deal, Citi will retain a roughly 10% stake in the Banamex unit, the source said, requesting anonymity as the discussions are confidential. Reuters had reported in February that Grupo Mexico's proposed deal for Banamex could value it at $7 billion or more. Grupo Mexico did not immediately respond to a request for comment. Bloomberg reported on talks advancing between Grupo Mexico and Banamex earlier on Wednesday.

☆ Brits are being offered no-deposit 100% mortgage loans for the first time since 2008
▼ + stars: | 2023-05-09 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Renters in the U.K. will be able to borrow up to 100% of the value of a property in a new mortgage scheme introduced by Skipton Building Society. LONDON — Renters in the U.K. will be able to borrow up to 100% of the value of a property without a guarantor or deposit in a new mortgage plan introduced by Skipton Building Society. The average five-year rate was 5% in March, according to the Moneyfacts UK Mortgage Trends Treasury Report, across all loan-to-value ratios. Buyers typically get a 5.33% mortgage rate on 95% LTVs, according to the report, but the majority of buyers opt for a lower rate. The new Skipton deal is widely reported to be the first time a mortgage lender has offered 100% mortgage products since 2008, when some building societies offered rates of up to 125%.

☆ MLB roundup: Red Sox beat Phillies for 7th straight win
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +7 min

Sale (3-2) allowed three runs on seven hits and one walk. He allowed seven hits and no walks while striking out five. Hunter Greene (0-2) allowed five runs and seven hits over 5 2/3 innings. The 6-foot-9 Ober, making his third start of the season, lasted seven innings, allowing just singles to Jose Ramirez and Oscar Gonzalez and a double by Josh Naylor. In six innings, he allowed seven runs (five earned), on eight hits, two walks and seven strikeouts.

☆ Spain's Caixabank Q1 net profit rises 21% on lending income
▼ + stars: | 2023-05-05 | by ( Jesús Aguado | ) www.reuters.com time to read: +1 min

MADRID, May 5 (Reuters) - Spain's Caixabank (CABK.MC) said on Friday its net profit rose 21% in the first quarter from the same period in 2022 thanks to a strong increase in lending income and a solid performance of its insurance business. The lender reported a net profit of 855 million euros ($943.83 million) in the January to March period despite a cost of 373 million euros from a new banking tax. Analysts polled by Reuters expected a net profit of 643 million euros. Spanish lenders, including Caixabank (CABK.MC), Sabadell, Santander (SAN.MC), BBVA (BBVA.MC), have legally challenged the tax. Despite economic uncertainty, banks across Europe are benefiting from higher interest rates and Caixabank's net interest income in the quarter rose 49% year-on-year to 2.16 billion euros, beating the 2.02 billion euros analysts expected.

☆ MLB roundup: Orioles score 13, take another series
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +8 min

After mounting an 8-1 advantage in the third, the Orioles surrendered the lead on eight straight Royals runs. Marlins left-hander Jesus Luzardo (2-2) allowed seven hits, three walks and four runs (three earned). Rays 3, Pirates 2Zach Eflin threw seven shutout innings to help host Tampa Bay complete a three-game sweep of Pittsburgh. The Red Sox put up a series-high 16 hits -- delivering one more hit in each successive game of the series after 13 on Monday. George Kirby (3-2) allowed three runs and seven hits in his seven-inning start.

☆ Santander sells distressed loan portfolio worth 1.1 bln euros - Expansion
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

MADRID, May 5 (Reuters) - Spain's Santander (SAN.MC) has agreed to sell a portfolio of distressed loans with a gross value of 1.1 billion euros ($1.21 billion) to U.S. private equity fund Cerberus and real estate loan manager Axactor, Expansion reported on Friday. The loan portfolio, dubbed 'Spirit project', includes personal loans, some mortgages, and loans to medium and small companies, Expansion said, citing unidentified financial sources. The first loan portfolio, of around 660 million euros, was sold to Gescobro, a Spanish unit of Cerberus, and the second, of around 440 million euros, to Axactor, it said. Santander declined to comment, while Cerberus and Axactor did not immediately reply to a request for comment. Spanish banks were very active in the past in shedding real estate assets that went bad in the economic slump that followed the bursting of Spain's real estate bubble at the end of 2007.

Lenders wasted little time in charging more for loans when interest rates rapidly rose from an almost 15-year slumber around zero last year, but most have dragged their feet on boosting deposit rates paid to millions of their customers. Money market funds are proving popular among savers seeking bigger returns on their cash as high levels of inflation persist. Data from Refinitiv Lipper showed more than 34 billion euros ($37.6 billion) of net flows into European money market funds in March, the best-selling asset type that month. Fidelity International also reported an 8% year-on-year uplift in flows into money market funds on its investment platform between Jan. 1 and April 26. Some lawmakers have criticised banks for the mismatch between what they charge borrowers and the interest rates offered to savers.

☆ BNP only partly earns title of Europe’s JPMorgan
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 3 (Reuters Breakingviews) - Bank investors and analysts often like to say that BNP Paribas (BNPP.PA) is the closest Europe has to a JPMorgan (JPM.N), the goliath of U.S. banking that just bought First Republic Bank (FRC.N). Compare that with Deutsche Bank (DBKGn.DE), whose deposits fell by 4.7% over the same period. JPMorgan will earn a 19% return on tangible equity this year, using Visible Alpha consensus data, which is good even for a U.S. bank. There’s no shame in losing to a bigger stateside rival on returns, but BNP also risks falling behind regional peers. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

LONDON, April 28 (Reuters) - Mastercard (MA.N) will expand its cryptocurrency payment card programme by seeking more partnerships with crypto firms, the company's head of crypto and blockchain said, even as the sector comes under closer scrutiny from regulators and banks grow wary. Mastercard has already partnered with crypto exchanges including Binance, Nexo and Gemini to offer crypto-linked payment cards in some countries. "We have dozens of partners around the world who offer crypto card programmes and they continue to expand," Raj Dhamodharan, Mastercard's head of crypto and blockchain, told Reuters on Thursday. Banks have become wary of crypto clients after a number of big crypto firms collapsed last year, including the bankruptcy of major exchange FTX. Asked if Mastercard is considering imposing restrictions on the amount of money that could be transferred to crypto exchanges using its payments network, Dhamodharan said, "We're not here to pick winners.

☆ MLB roundup: Gerrit Cole to 5-0 as Yanks win despite Aaron Judge injury
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +8 min

DJ LeMahieu and Gleyber Torres hit back-to-back homers in a three-run second off Texas starter Andrew Heaney (2-2). The Yankees won their second straight in a game that Aaron Judge exited in the fourth inning due to right hip discomfort. Webb was charged with two runs on seven hits in 6 2/3 innings; he walked one and struck out seven. Phillies 1, Mariners 0Kody Clemens delivered an RBI single in the second inning for the only run of the game as host Philadelphia defeated Seattle. Velazquez then hit the second pitch he saw from Lugo 404 feet into the seats in left center.

☆ Deutsche Bank shrugs off basket-case mantle
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

Some alighted on Deutsche Bank (DBKGn.DE), the erstwhile whipping boy of European banking. True, the bank’s total deposits fell by 29 billion euros, or roughly 5%, between Dec. 31 and March 31. In Banco Santander’s (SAN.MC) European business, customer deposits also fell roughly 5% over the same period. Meanwhile, three-quarters of corporate banking deposits either have a fixed term or are used as part of the customers’ operations, making them stickier. Deutsche, previously the basket-case of European banking, was always a likely target for investors hunting for the next weak link.

☆ BBVA's Q1 net profit beats forecasts on lending income, Mexico
▼ + stars: | 2023-04-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The lender reported a 39% year-on-year rise in profit at 1.85 billion euros ($2.04 billion) for the January to March period, above the 1.66 billion euros forecast by analysts polled by Reuters and despite a 225 million euros banking levy. Net interest income (NII), or earnings on loans minus deposit costs, rose 43% year-on-year to 5.6 billion euros in the quarter, in line with expectations. In Mexico, net profit rose 65%, while income from lending increased by 48%. In Spain net profit fell 9.5% due to the levy though NII rose 38%. However, net interest income in Turkey fell 3.7% year-on-year in the quarter following new regulations which have weighed on banks' books.

☆ MLB roundup: Zac Gallen extends scoreless run in D-backs' win
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +11 min

Arizona's Emmanuel Rivera had an RBI single among his two hits and scored a run. Evan Longoria also had an RBI single for the Diamondbacks, who won two of the three games in the series after losing four of their previous five contests. Padres 5, Cubs 3Fernando Tatis Jr. ripped a two-run single in the seventh inning to give San Diego the lead for good in its win in Chicago. Tatis added an insurance run with an RBI single in the ninth. Rodolfo Castro added a two-run single, and Bryan Reynolds, Andrew McCutchen and Ji Hwan Bae each had an RBI single for the Pirates.

Exxon has held eight exploration and production contracts in Colombia, including the fracking pilot. All either have been or are being ended, suspended or liquidated, Colombia's National Hydrocarbon Agency (ANH) told Reuters. The proposed bill would ban development of non-conventional energy projects including fracking. "We will continue to have constructive dialogue with the Colombian government on a comprehensive assessment of our unconventional investments," Exxon spokesperson Michelle Gray told Reuters. Exxon said it continuously evaluates and prioritize investments, including those in Colombia.

☆ Sabadell's Q1 net profit falls 4% on banking tax despite strong lending
▼ + stars: | 2023-04-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +1 min

MADRID, April 27 (Reuters) - Spain's Sabadell (SABE.MC) on Thursday said its first-quarter net profit fell 4% from the same period in 2022 due to the impact of a new banking tax in Spain which could not be offset by a solid performance in lending income. The country's fourth-largest bank in terms of market value reported a net profit of 205 million euros ($226.55 million) in the January to March period. Analysts polled by Reuters expected a net profit of 138 million euros. The bank said the cost of the banking levy was 157 million euros, which it fully booked in the quarter. Excluding the impact of the banking tax, first quarter net profit rose 69% year-on-year.

FRANKFURT, April 26 (Reuters) - Deutsche Bank (DBKGn.DE) is undertaking its biggest management shake-up since 2019, the German bank said on Wednesday as it announced the departure of Christiana Riley, who oversaw its U.S. operations. "It is time to focus the management board on the next phase of the bank's growth strategy, which is now more than ever about sustainable profitability, efficiency and effective controls," Wynaendts said. Riley was one of two women on Deutsche's 10-member board, which will now only consist of only nine people - eight men and one woman - in what Deutsche said would be a "leaner" team. Claudio de Sanctis, a Deutsche veteran who has overseen wealth management, will join the board to oversee the retail bank, Deutsche said. And Chief Financial Officer James von Moltke will take on oversight of asset management, which includes its DWS fund management business.

☆ Morning Bid: Wowed by tech, worried by banks
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

That makes investors wary of such provisions at the likes of HSBC (HSBA.L), Lloyds (LLOY.L) and NatWest Group (NWG.L), all of which are due to report earnings in the coming weeks. Across the Atlantic, First Republic Bank's (FRC.N) plunging deposits and tumbling shares are rippling through the U.S. regional banking sector. U.S. recession fears have also resurfaced after consumer confidence hit a nine-month low, alongside some weak earnings. In a week packed with tech sector earnings, the focus moves from artificial intelligence to advertising revenues as Facebook-parent Meta Platforms (META.O) and streaming device maker Roku Inc (ROKU.O) report. Key developments that could influence markets on Wednesday:U.S. durable goods orders, Germany and France consumer confidenceEarnings: Meta Platforms, Boeing, GSK, Deutsche Boerse, Roku IncEditing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Short-sellers raise their stakes against these 2 European banks by billions since the SVB crisis
▼ + stars: | 2023-04-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Short-sellers significantly increased their bets against European banks Santander and ING amidst a turbulent month for the global banking sector. Madrid-headquartered Santander's stock saw the biggest surge in short interest among European banks since Mar. The table below shows 10 European banks with the largest increase in shorts between Mar. Meanwhile, France's BNP Paribas had attracted the largest short interest in dollar value among European banks, followed by Santander and ING. The below table lists the 10 European bank stocks with the largest short interest as of Apr.

☆ Analysis: China rebound buoys hopes for stronger-than-expected US, Europe earnings
▼ + stars: | 2023-04-24 | by ( Joice Alves | ) www.reuters.com time to read: +6 min

But recent data and upbeat comments from major companies like LVMH (LVMH.PA), Europe's most valuable listed company, about business in China have given investors some cause for optimism. Refinitiv I/B/E/S data points to a 2.5% decline in earnings growth in the first quarter for STOXX 600 (.STOXX) companies, down from a forecast for 5.4% growth prior to the banking chaos. Europe is headed for a recession too, the data shows, with a drop in earnings of 5.4% expected in the second quarter. But stubbornly high inflation means major central banks are expected to continue to hike rates, at least in May. European financials are expected to report first-quarter earnings growth of 31%, according to Refinitiv.

CNN —Six Leopard 2 tanks bound for Ukraine have left the Spanish port city of Santander in northern Spain and are en route to their destination, the Spanish Minister of Defense Margarita Robles said Saturday. Robles told journalists the tanks left Santander “along with 20 heavy transport vehicles” and the trip by sea would take from five to six days. Ukraine has been reliant on outdated Soviet-era tanks throughout the Russian invasion and has appealed to the West for modern battle tanks to bolster Kyiv’s forces. In recent months, the US, along with countries such as Poland, Finland and the UK – pledged to send tanks to Ukraine. Following international pressure, Germany announced a major decision in January that it would send Leopard 2 tanks to Kyiv’s troops – raising anger from Kremlin officials who sought to cast the move as an act of aggression against Russia.

☆ Factbox: What is embattled British business group the CBI?
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +5 min

Below is some information about the CBI and its role:WHAT IS THE CBI? Founded in 1965, the CBI is Britain's top business lobby group. A not-for-profit organisation, the CBI says it represents 190,000 businesses employing nearly 7 million people, including many of Britain's biggest companies. In his speech, Sunak called the CBI "a valued institution in this country and a powerful voice for business". A spokesperson for NatWest said the bank had no confidence in the CBI's capacity to be a strong representative voice for British business at present.

☆ MLB roundup: Cubs' Drew Smyly flirts with perfection vs. Dodgers
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +11 min

Los Angeles starter Julio Urias (3-2) allowed five runs, seven hits (including two homers) and two walks in 3 1/3 innings. Seven of Urias' 10 earned runs allowed this season have come against Chicago. Philadelphia starter Aaron Nola tossed a season-high seven innings and allowed four hits and three runs with three strikeouts and three walks. Pittsburgh starter Mitch Keller (2-0) allowed two runs and four hits in six innings, with five strikeouts and a walk. Pivetta (1-1) allowed three runs on seven hits in 5 2/3 innings, striking out seven with one walk.

☆ Six Leopard tanks leave Spain en route to Ukraine
▼ + stars: | 2023-04-21 | by ( Vincent West | ) www.reuters.com time to read: +1 min

[1/2] Leopard 2 6A4 tanks are driven onto a cargo ship at the port of Santander, bound for Poland and subsequently for Ukraine, in Santander, Spain, April 21, 2023. The German-made Leopard tanks and armoured personnel carriers were driven onto a cargo vessel, Reuters witnesses said. Spanish Defence Minister Margarita Robles said this month that Spain will send 10 Leopard 2A4 tanks. The U.S. in January promised 31 of its Abrams tanks while Germany committed Leopard tanks. NATO countries have promised to send 48 Leopard 2 tanks to Ukraine.

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