(Reuters) -Property and casualty insurer Travelers Companies Inc on Wednesday reported a fall in quarterly profit, hurt by severe wind and hail storms in parts of the United States in March. Core income of the New York-based company, often seen as a bellwether for the insurance sector as it typically reports before industry peers, fell…
By Jesús Aguado MADRID (Reuters) -Spanish lenders may feel the impact from rising global risks, such as the higher cost of funding and liquidity stress, though their cash positions remained stable in March, Bank of Spain officials said on Wednesday. In its semi-annual financial stability report, the central bank warned global uncertainty could lead to…
By Pablo Mayo Cerqueiro and Iain Withers LONDON (Reuters) – Abrdn is seeking to individually sell a batch of private equity businesses which collectively have about 12 billion pounds of investments, after struggling to find a buyer for the entire portfolio, a source close to the matter said. The British asset manager has been working…
DUBLIN (Reuters) – Global airline capacity will be lower than expected this year and stay constrained until 2025 at the earliest, warned IATA director general Willie Walsh, due to delays in new aircraft deliveries and a lack of availability of spare parts. “I can’t see anything really improving or significantly improving probably until 2025 at…
By Jane Lanhee Lee OAKLAND, California (Reuters) – Silicon Valley 5G chip startup EdgeQ Inc said on Wednesday it raised $75 million to help fund a ramp up in production as the company starts selling its technology to customers, including telecom operators. It also announced that Lattice Semiconductor Corp CEO Jim Anderson is joining EdgeQ’s…
By Matt Tracy WASHINGTON (Reuters) – Credit ratings agency Moody’s Investors Service Inc said on Wednesday it has pushed more highly indebted companies to the bottom of its junk ratings barrel and that debt defaults are also on the rise as financing conditions tighten. The number of companies rated B3 negative or lower by Moody’s…
By Junko Fujita TOKYO (Reuters) -Japan’s Sumitomo Mitsui Financial Group (SMFG) sold $1 billion of additional tier-1 (AT1) debt on Wednesday, becoming the first major global bank to sell the risky securities since similar bonds issued by Credit Suisse were wiped out last month. The deal reflects rebounding confidence in the banking sector of Asia’s…
MADRID (Reuters) – Aircraft maker Airbus agreed with Spanish labour unions to raise its workers’ salaries by between 5% and 7.4% this year on top of a 1,000 euro ($1,094) bonus that was paid in March, the CCOO union said on Wednesday. The agreement still has to be ratified by unionised workers. ($1 = 0.9143…
By Orhan Coskun and Birsen Altayli ANKARA (Reuters) – International investors are looking to increase investments in Turkey, notably in mergers and acquisitions, as they anticipate a shift to a more orthodox economic policy after May 14 elections, four government officials and analysts said. Opinion polls show President Tayyip Erdogan facing the greatest electoral challenge…
ZURICH (Reuters) -The Swiss government said commitments to the Swiss National Bank and UBS to ease the takeover of Credit Suisse will not be affected by parliament’s rejection of 109 billion Swiss francs ($121 billion) in emergency credits and guarantees. In a largely symbolic vote, these commitments were last week rejected twice by Switzerland’s lower…
