By Valentina Za MILAN (Reuters) -Intesa Sanpaolo, Italy’s biggest bank, raised its 2023 profit goal on Friday after first-quarter net income nearly doubled thanks to higher interest rates and shrinking loan loss provisions. The lender forecast 7 billion euros ($7.7 billion) in net profit this year, having said in February that it would top last…
(Reuters) – The U.S. Securities and Exchange Commission (SEC) has issued its largest ever award of nearly $279 million to a whistleblower whose information helped the regulator’s enforcement action, it said on Friday. The regulator did not disclose the case concerned in its statement. The award is more than double the $114 million that it…
By Lawrence White and Iain Withers BIRMINGHAM, England (Reuters) -HSBC soundly defeated a bid to break-up the bank and spin-out its lucrative Asian business at its annual investor meeting in Birmingham in England on Friday, but still faced a rebellion against its board and pay for top bosses. Europe’s biggest bank had faced proposals submitted…
By Koh Gui Qing NEW YORK (Reuters) – As investors and financial experts pored over Hindenburg Research’s allegations against activist investor Carl Icahn’s holding company this week, one easy-to-verify claim stood out in the short seller’s report. Hindenburg said Icahn Enterprises LP (IEP) valued a meat packing company in which it owns a 90% stake…
By Foo Yun Chee BRUSSELS (Reuters) – U.S. chipmaker Broadcom’s Chief Executive Hock Tan on Friday will try to convince EU antitrust enforcers that his proposed $61 billion bid for cloud computing firm VMware, which has triggered scrutiny on both sides of the Atlantic, is pro-competitive. Tan, flanked by his executives and lawyers, arrived early…
By Andrew Hay (Reuters) – Alabama authorities discriminated against Black residents of a rural county by denying access to adequate sewage systems and fining them for sanitation problems beyond their control, according to a first-of-its kind environmental justice agreement announced on Thursday by the Biden administration. Under the deal that followed an 18-month federal probe,…
By Dietrich Knauth (Reuters) – Bankrupt crypto exchange FTX received U.S. bankruptcy court permission on Thursday to sell its LedgerX business for $50 million, raising additional funds to repay creditors. At a hearing in Wilmington, Delaware, U.S. Bankruptcy Judge John Dorsey signed off on FTX’s sale of LedgerX, its non-bankrupt crypto derivatives trading platform, to…
By Dietrich Knauth (Reuters) – Bankrupt crypto exchange FTX received U.S. bankruptcy court permission on Thursday to sell its LedgerX business for $50 million, raising additional funds to repay creditors. At a hearing in Wilmington, Delaware, U.S. Bankruptcy Judge John Dorsey signed off on FTX’s sale of LedgerX, its non-bankrupt crypto derivatives trading platform, to…
By Jonathan Stempel OMAHA, Nebraska (Reuters) – One of Berkshire Hathaway Inc’s longest-serving directors said Greg Abel has the ability and commitment to its culture that makes him an ideal fit to lead the $700 billion-plus conglomerate now run by Warren Buffett, but that a transition isn’t likely to happen soon. Questions about how long…
By Raechel Thankam Job (Reuters) -Canadian auto parts maker Magna International Inc raised its full-year earnings forecast on Friday, betting on increased production of cars and other light vehicles in North America and Europe as supply-chain constraints ease. Magna also joined peer Aptiv PLC in issuing positive commentary on the supply chain as the auto…
