(Reuters) -Swiss bank UBS Group AG has set aside $4 billion in provisions for potential litigation and regulatory issues stemming from its takeover of Credit Suisse, the bank said in a filing on Tuesday, as it prepared to complete the rescue of its Swiss rival. UBS estimated a “negative goodwill” of $34.8 billion from its…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Japan’s first quarter GDP figures are the highlight for Asian markets on Wednesday, with the world’s third-largest economy expected to have grown at its fastest pace in three quarters thanks to strong services sector spending. A Reuters poll…
By Milana Vinn NEW YORK (Reuters) -Ed Wehle, a senior Barclays Plc technology banker, has resigned to join U.S. rival Citigroup Inc in New York, according to an internal memo seen by Reuters, adding to an exodus of top investment bankers from the London-based bank. An investment banking veteran of nearly three decades, Wehle will…
By Blake Brittain (Reuters) – A group of companies including General Electric Co, Ikea Supply AG and Home Depot Inc on Tuesday defeated a request by the University of California for a U.S. appeals court to block imports of light bulbs that allegedly infringe its patents. The U.S. Court of Appeals for the Federal Circuit…
By Brendan O’Boyle MEXICO CITY (Reuters) -Negotiations over the sale of Citigroup Inc’s Mexican retail bank Citibanamex are “going really well” and the government is upbeat about conglomerate Grupo Mexico’s possible purchase, President Andres Manuel Lopez Obrador said Tuesday. Lopez Obrador said the mining and transport conglomerate remains one of the possible buyers of the…
By Hannah Lang and Tatiana Bautzer WASHINGTON/NEW YORK (Reuters) -The former chief executive of Silicon Valley Bank was unaware the U.S. lender was in trouble when he sold stock weeks before it failed, he told senators in his first public comments defending his conduct after the lender’s shock collapse. California banking regulators shut down Silicon…
By Nupur Anand and Niket Nishant NEW YORK (Reuters) – JPMorgan Chase & Co CEO Jamie Dimon said that it is “unlikely” that the bank will acquire any other struggling lender, weeks after it acquired the failed First Republic Bank. “It [First Republic] will further help advance our wealth as well as other initiatives,” Dimon…
By Hyunjoo Jin and Tanya Jain (Reuters) -Tesla Inc CEO Elon Musk will be under pressure to address investor concerns about the lack of a clear successor, softening demand and delays of some new models when he speaks at the electric carmaker’s annual shareholder meeting on Tuesday. His commitments to ventures such as a new…
NEW YORK (Reuters) – U.S. lawmakers lambasted former banking executives from the collapsed Silicon Valley and Signature banks at the start of a Senate hearing on Tuesday examining the failures of the two lenders in March. “Why did you ignore admonitions from regulators?” Ohio Senator Sherrod Brown said in an opening statement. “There is a simple…
By Hyunjoo Jin and Tanya Jain (Reuters) – Tesla Inc CEO Elon Musk will be under pressure to address investor concerns about the lack of a clear successor, softening demand and delays of some new models when he speaks at the electric-car maker’s annual shareholder meeting on Tuesday. The billionaire entrepreneur, also the top boss…
