(Reuters) -Switzerland’s biggest bank UBS Group AG is looking to apply for a mutual fund license in China, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The Swiss bank is in informal talks with the China Securities Regulatory Commission (CSRC) about its intention to apply, the report said. UBS plans…
By Joice Alves LONDON (Reuters) – Europe’s banks, which enjoyed a stellar fourth-quarter that yielded a surge in earnings growth to 15-year highs, are still looking cheap and could have more room to rally. Economic data hasn’t been as bad as many had feared. The euro zone is expected to stagnate rather than contract, while…
By Lawrence White, Iain Withers and Sinead Cruise LONDON (Reuters) – British banks face a tougher battle for mortgage customers and business borrowers in 2023, as rising costs and deposit rates paid to long-suffering savers threaten to outpace flatlining profit margins, senior industry executives and analysts said. The 2022 annual results from the country’s four…
By Lananh Nguyen NEW YORK (Reuters) – Bank of America Corp (BofA) amassed $1.2 billion in expenses for litigation and regulatory investigations last year including fines and settlements, according to a company filing on Wednesday. The cost is a major jump from $164 million recorded by the second-largest U.S. lender in 2021 and $823 million…
By Chiara Elisei LONDON (Reuters) – Private credit and infrastructure investments across emerging and developing markets surged to record levels in 2022 as borrowers looked for alternative financing options amid rising interest rates, according to a report published on Wednesday. The Global Private Capital Association (GPCA) said private credit investment saw the largest rise, growing…
By Chris Taylor NEW YORK (Reuters) – Eytan Morgenstern is facing a very expensive dilemma. The 36-year-old public relations professional has an opportunity to check something off his life ‘bucket list’: Seeing his favorite band, Metallica, play live. One problem: They are not coming to his city of Jerusalem, so he is considering going to…
By Huw Jones LONDON (Reuters) -Britain set out plans on Monday for a post-Brexit review of its rules for the 11 trillion pound ($13.2 trillion) asset management sector, with a focus on bolstering liquidity after a near meltdown in funds used by pension schemes last September. Until Britain’s departure from the European Union in 2020,…
By John McCrank NEW YORK (Reuters) – The mutual fund industry is warning the U.S. Securities and Exchange Commission that new proposed rules aimed at better preparing open-end funds to weather distressed market conditions would harm investors saving for retirement. A November proposal from the SEC would require mutual funds, and some exchange-traded funds, to…
By Jonathan Stempel (Reuters) – Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc, on Wednesday said China remains a top opportunity for investors despite geopolitical risks. Munger also doubled down on his recent Wall Street Journal editorial calling for the U.S. government to follow China and ban cryptocurrency, saying “people…
By Carolina Mandl and Sittrarasu S NEW YORK/BANGALORE (Reuters) -Warren Buffett’s Berkshire Hathaway Inc slashed its stake in Taiwanese contract chipmaker TSMC as well as in some banks in the fourth quarter, while bolstering its holdings in Apple Inc. Berkshire cut its position in Taiwan Semiconductor Manufacturing Co Ltd (TSMC) by 86.2% to 8.29 million…
