ZURICH (Reuters) – The Swiss government has signed an agreement with UBS to cover up to 9 billion Swiss francs ($10.01 billion) in losses from its emergency takeover of Credit Suisse, the finance ministry said on Friday. “To make the takeover possible, the government granted UBS a guarantee for any losses incurred in the liquidation…
By Leika Kihara TOKYO (Reuters) -Bank of Japan Governor Kazuo Ueda said the country’s corporate price-setting behaviour was showing changes that could work to push up inflation more than expected, suggesting the economy was making steady progress toward hitting its 2% price target. But he stressed anew the central bank’s resolve to keep ultra-loose policy,…
(Reuters) – AstraZeneca said on Friday it had signed an agreement with Quell Therapeutics potentially worth more than $2 billion to develop cell therapies that could cure autoimmune diseases. The agreement includes developing, manufacturing and commercialising cell therapies that have the potential to be curative in type 1 diabetes and inflammatory bowel disease indications, the…
BEIJING (Reuters) – China’s new yuan loans are expected to have rebounded in May after a sharp drop in April, a Reuters poll showed, as the central bank keeps policy accommodative to support a fragile economic recovery. Chinese banks are estimated to have issued 1.60 trillion yuan ($225 billion) in net new yuan loans last…
By Leika Kihara TOKYO (Reuters) – The Bank of Japan (BOJ) is expected to maintain ultra-loose monetary policy next week and its forecast for a moderate economic recovery, as robust corporate and household spending cushion the blow from slowing overseas demand, sources said. The central bank also may signal that inflation is overshooting its forecasts,…
By Daren Butler and Jonathan Spicer ISTANBUL (Reuters) -President Tayyip Erdogan on Friday appointed Hafize Gaye Erkan, a finance executive in the United States, to head Turkey’s central bank, which is widely expected to reverse course and tighten policy after years of rate cuts and a simmering cost-of-living crisis. Erkan, former co-CEO at First Republic…
By Lewis Jackson SYDNEY (Reuters) -Australia’s third-largest pension fund on Friday put on hold new work with PricewaterhouseCoopers (PwC) Australia, the fourth fund to freeze out the firm over its misuse of confidential government tax plans. The A$150 billion ($100 billion) Aware Super said it had temporarily frozen new contracts with PwC “out of an…
(Reuters) – All of Australia’s “Big Four” banks on Friday passed on the Reserve Bank of Australia’s (RBA) latest rate hike to their customers in full, raising their respective standard variable home loan rates by a quarter-point. Earlier this week, the RBA stunned markets by raising its cash rate by 25 basis points to 4.1%…
By Nell Mackenzie LONDON (Reuters) – Odey Asset Management “does not recognise the picture of the firm that has been painted” by allegations of sexual misconduct by Crispin Odey published by media on Thursday, it told investors in a letter seen by Reuters. The letter, dated June 8 and signed by Peter Martin, the company’s…
VIENNA (Reuters) – Water from the reservoir of a breached Ukrainian dam is still being pumped to the Zaporizhzhia nuclear power plant to cool reactors and other areas, though levels are at values earlier thought to make it impossible, the U.N. atomic watchdog said on Thursday. The plant, occupied by Russia since the early days…
