By Selena Li HONG KONG (Reuters) -Standard Chartered Chief Executive Bill Winters said on Friday Credit Suisse AG’s $17 billion Additional Tier 1 bonds wipeout had “profound” implications for global bank regulations. Winters told a financial forum in Hong Kong the U.S. Federal Reserve move to guarantee non-insured deposits was a “moral hazard”. As part…
By Svea Herbst-Bayliss (Reuters) -ValueAct Capital informed Seven & i Holdings on Friday it would lobby to remove four directors from the Japanese’s convenience store operator’s 14-member board, citing “a failed corporate strategy”. ValueAct, which owns a 4.4% stake of Seven & i, had called on the company’s management in January to spin off its…
By Navya Mittal (Reuters) – Australia-listed shares of Block Inc, led by Twitter co-founder Jack Dorsey, plunged as much as 20% on Friday after Hindenburg Research alleged the payments firm overstated its user numbers and understated its customer acquisition costs. Block said the report was “factually inaccurate and misleading” and that it was exploring legal…
By Yuka Obayashi TOKYO (Reuters) – Oil prices fell on Friday, extending the previous day’s losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years. Brent crude futures slid 48 cents, or 0.6%, to $75.43 a barrel by 0039 GMT, while…
TOKYO (Reuters) – Japan’s manufacturing activity contracted for a fifth straight month in March as output and new orders remained under pressure, a survey showed on Friday, suggesting the economic recovery is fragile as global demand slows. However, service-sector activity expanded for a seventh straight month and rose at the fastest pace in over nine…
By David Shepardson, Rami Ayyub WASHINGTON (Reuters) -U.S. lawmakers on Thursday battered TikTok’s chief executive about potential Chinese influence over the platform and said its short videos were damaging children’s mental health, reflecting bipartisan concerns over the app’s power over Americans. CEO Shou Zi Chew’s testimony before Congress did little to assuage U.S. worries over…
By David French and Saeed Azhar NEW YORK (Reuters) – Citizens Financial Group Inc is working on a bid to acquire the private banking business of failed Silicon Valley Bank, two people familiar with the matter said on Thursday. Citizens, one of the largest U.S. regional banks, is preparing to submit an offer in the…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Asian markets round off the week with Japanese inflation and PMI data likely to be the main local drivers on Friday, offering direction that is unlikely to come from yet another choppy day in U.S. markets on Thursday….
By Michael S. Derby NEW YORK (Reuters) – Federal Reserve emergency lending to banks, which hit record levels last week, remained high in the latest week amid ongoing anxiety over the state of the financial system, Federal Reserve data released Thursday showed. The Fed reported that discount window borrowing, its main source of emergency credit…
By Foo Yun Chee BRUSSELS (Reuters) – Microsoft Corp’s initial offer to address EU antitrust complaints filed by rivals is insufficient and the U.S. software giant needs to do more, German software provider Nextcloud said, as regulators consider whether to open a formal investigation. French cloud computing services provider and complainant OVHcloud is also waiting…
