SYDNEY (Reuters) – Australian investment firm Allegro Funds said on Tuesday it would set up an independent board to oversee PwC Australia’s government practice business, which it bought last month, and committed A$100 million ($67 million) for transition costs. PwC Australia on June 25 entered an exclusivity agreement with Allegro to sell its government practice…
(Reuters) -Australian general insurer Suncorp on Tuesday forecast a 12% jump in costs associated with catastrophe reinsurance premiums and natural hazards in fiscal 2024 on the back of adverse weather events through the La Niña cycle in recent years. It now sees the natural hazard allowance for fiscal 2024 to increase to A$1.36 billion ($907.4…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The Reserve Bank of Australia takes center stage on Tuesday, with the consensus view of economist marginally tipping toward expecting a 25 basis point increase in the benchmark cash to a 12-year high of 4.35%….
(Reuters) – Nikola Corp will start liquidating the assets of battery maker Romeo Power, the electric truck maker said on Monday, less than a year after buying it. The company, which went public in 2020, has struggled to keep up with high expectations of early investors, amid inflated costs of commodities and tight access to…
By Lucy Craymer WELLINGTON (Reuters) – New Zealand’s business confidence in the second quarter continued to pick up from low levels but firms remain downbeat, a private think tank said on Tuesday. A net 63% of firms surveyed expected general business conditions to deteriorate compared with 66% pessimism in the previous quarter, the New Zealand…
By Diane Bartz and Kanishka Singh WASHINGTON (Reuters) -The U.S. Federal Trade Commission said on Monday it dismissed a complaint against Marlboro cigarette maker Altria Group and e-cigarette maker Juul Labs that was brought after Altria bought a 35% stake in Juul. The agency also said it would vacate an FTC administrative law judge’s decision…
By Nick Carey (Reuters) – E-commerce giant Amazon will deploy its first European vans from U.S. electric vehicle (EV) maker Rivian in Germany over the coming weeks as part of long-term plans to electrify its transportation network, it said on Tuesday. Amazon said 300 electric vans will hit the roads in the Munich, Berlin, and…
By Makiko Yamazaki and Ritsuko Shimizu TOKYO (Reuters) -Japan’s top lenders aim to carve out a larger presence in U.S investment banking as they look to make better use of their massive balance sheets by winning a bigger slice of deals, executives say. For years Japan’s megabanks have been notable players in U.S. corporate lending,…
By Saeed Azhar NEW YORK (Reuters) -Bank of America and Citigroup said on Monday they had begun a dialogue with the Federal Reserve to understand differing results between the central bank’s stress test and the companies’ own under the Dodd-Frank Act. BofA has yet to announce a potential dividend increase, in contrast with rivals. JPMorgan…
By Foo Yun Chee BRUSSELS (Reuters) -Microsoft is likely to face a European Union antitrust investigation in the coming months after remedy discussions with the EU watchdog to avert such a move appear to have hit a roadblock, people familiar with the matter said. Microsoft, which has been fined 2.2 billion euros ($2.4 billion) in…
