By Yantoultra Ngui and Xinghui Kok SINGAPORE (Reuters) – Singapore investment firm Temasek Holdings on Tuesday posted a 5.2% drop in its net portfolio value to S$382 billion ($284.65 billion) in the financial year that ended in March. The drop in net portfolio value is its first since the 2020 financial year and came amid…
WASHINGTON (Reuters) – U.S. Senator Elizabeth Warren, a Democrat and frequent merger critic, joined three other lawmakers on Tuesday to urge the Defense Department to thoroughly review defense contractor L3Harris Technologies’ $4.7 billion deal for Aerojet Rocketdyne Holdings. The Defense Department is influential with the antitrust agencies on decisions about approving deals that touch on…
By Sinead Cruise and Carolyn Cohn LONDON (Reuters) – Britain’s financial services industry has broadly cheered fresh government proposals to jumpstart the economy by channelling 50 billion pounds ($64.5 billion) of pension fund cash into fledgling firms, but the plans could backfire on savers, experts said. Finance minister Jeremy Hunt on Monday unveiled a raft…
By Selena Li and Samuel Shen HONG KONG (Reuters) – UBS has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said. UBS has decided to indefinitely suspend works…
By Jihoon Lee SEOUL (Reuters) -South Korean state-run banks are providing at least two trillion won ($1.54 billion) of liquidity support to a credit union hit by customer withdrawals, joining commercial banks also offering financing to reduce risks of a crunch in the local money market. The Industrial Bank of Korea and the Korea Development…
BERLIN (Reuters) – Mercedes-Benz Group sales in the second quarter rose 6% year-on-year – a total of 515,700 vehicles – on the back of demand for all-electric and top-end vehicles, the German carmaker said on Tuesday. Sales grew in all the carmaker’s main regions – Europe, Asia and North America – with deliveries in Germany…
SYDNEY (Reuters) – An Australian court signed off on a A$450 million ($300 million) fine for Blackstone-owned owned casino operator Crown Resorts for breaking anti-money laundering laws, ending the darkest chapter in the company’s history. The company, dominated by billionaire founder James Packer before he agreed to sell last year, agreed to the payment in…
PARIS (Reuters) – French automaker Renault said on Tuesday worldwide sales of its flagship brand rose 11% in the first half of the year to 770,807 units, extending a rebound after four years of declines. The increase marks an acceleration from the 9% growth in sales reported in the first quarter of 2023. In 2022…
BERLIN (Reuters) – German inflation rose in June, interrupting a steady decline since the start of the year. German consumer prices, harmonised to compare with other European Union countries, increased by 6.8% on the year in June, the federal statistics office said on Tuesday, confirming preliminary data. The year-on-year rebound in German inflation midway through…
By John Revill and Tomasz Janowski ZURICH (Reuters) – A rare Swiss parliamentary investigation due to start this week aims to establish what went wrong before the dramatic fall of Credit Suisse, once Switzerland’s second biggest bank. The fifth such probe in the country’s modern history was set up after parliament, in a largely symbolic…
