By Davide Barbuscia NEW YORK (Reuters) – Bond giant PIMCO lost about $340 million on a category of Credit Suisse bonds that were wiped out by the takeover by UBS, with the American investment manager’s overall exposure to the Swiss lender running into billions, a source familiar with the situation said. Swiss authorities on Sunday…
By Tom Westbrook SINGAPORE (Reuters) – Asian stocks were lifted from lows on Tuesday, with the rescue of Credit Suisse stemming selling in bank shares, though the mood was fragile and the stress in markets had traders wondering whether U.S. rate hikes might be finished. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5%…
By John O’Donnell and Andres Gonzalez ZURICH (Reuters) – Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt the globe. While the nation’s central bank and financial regulator publicly declared that Credit Suisse was sound, behind…
By Sarah Morland MEXICO CITY (Reuters) -U.S. construction materials firm Vulcan Materials Co said on Monday that Mexican security forces illegally took possession last week of its port terminal in southern Mexico, as an extended legal battle over its nearby limestone mining activities plays out. The incident took place last Tuesday night at the terminal…
(Reuters) -A former director of Tesla Inc’s Australian unit was sentenced to two years and six months imprisonment and will be released immediately on the condition of “good behaviour”, Australia’s corporate watchdog said on Tuesday. The sentence follows the former director’s guilty pleas to two insider trading offences tied to a supply deal the electric-car…
By Noel Randewich, Medha Singh and Ankika Biswas (Reuters) – Shares of U.S. lender First Republic tumbled nearly 50% on Monday on fears it will need a second rescue to stay afloat, bucking a broader rally in bank shares driven by UBS Group’s state-backed takeover of Credit Suisse. Less than a week after large U.S….
By Anirban Sen and David Carnevali (Reuters) -U.S. scientific instruments maker Thermo Fisher Scientific Inc and South Korea’s Celltrion Inc are among those competing to acquire the biopharma solutions business of medical device maker Baxter International Inc, according to people familiar with the matter. The divestment, which the sources said could fetch more than $4…
By Howard Schneider WASHINGTON (Reuters) – Utah homebuilder Ivory Homes still has a pipeline of several hundred houses under construction, but CEO Clark Ivory isn’t pulling permits for any more at this point, and in a year of retrenchment for the single-family home industry, he has laid off just under 10% of his workers. But…
(Reuters) – Cryptocurrency exchange Coinbase Global Inc said on Monday it has stopped support for Signature Bank’s digital payments platform Signet, more than a week after U.S. regulators took control of the bank. The exchange said it was looking for a new technology provider or for more clarity on the outcome of Signet, which allowed…
By Jeffrey Dastin and Tiyashi Datta (Reuters) – Amazon.com Inc on Monday said it would axe another 9,000 roles, piling on to a wave of layoffs that has swept the technology sector as an uncertain economy forces companies to get leaner. In a remarkable turn for a company that has long touted its job creation,…
