Goldman Sachs’s unit obtains Hong Kong banking license
HONG KONG (Reuters) – A wholly-owned unit of Goldman Sachs Group received a banking license from The Hong Kong Monetary Authority (HKMA), the HKMA announced on Wednesday, in a step that creates a local subsidiary through which the U.S investment bank c…
Chinese slowdown sends ripples across Asian banks
HONG KONG (Reuters) – Asian lenders are seeing their loan books rapidly deteriorate across the region as China’s slowing economy dampens trade and hurts companies that had borrowed heavily from the banks.
Citigroup to return $4.5 million more in fee overcharges
NEW YORK (Reuters) – Citigroup Global Markets Inc (CGMI), a unit of Citigroup Inc, has agreed with the New York attorney general to return $4.5 million in account management fees charged on some 15,000 frozen accounts.
Japan July export growth slows as global demand shows signs of weakening
TOKYO (Reuters) – Japan’s export growth slowed in July on reduced shipments of cars and electronics to Asia in a sign that the global demand outlook may be losing its luster.
Wal-Mart’s drug problem: pharmacy business drags on profit
CHICAGO (Reuters) – The world’s largest retailer has a drug problem.
Yum China gets new leadership as activists push for spinoff
(Reuters) – Yum Brands Inc announced on Tuesday new leadership for its China division as investor activists lobby for the owner of the KFC and Pizza Hut brands to spin off that business, which is its biggest driver of revenue and profit.
Exclusive: Most of Buick’s future U.S. cars may come from overseas
DETROIT (Reuters) – Most Buick vehicles sold in the United States after 2016 could be imported from China and Europe, according to two sources familiar with parent General Motors Co’s plans.
Wal-Mart, materials shares drag Wall St. lower
(Reuters) – U.S. stocks fell on Tuesday, with the S&P 500 trading in its tightest daily range in nearly a month, weighed down by earnings-related selling in Wal-Mart and a drop in commodity stocks on concerns about China’s economy.
German parliament seen backing Greek bailout despite rebellion
BERLIN (Reuters) – German lawmakers are expected to vote overwhelmingly in favor of Greece’s third bailout on Wednesday, even though Chancellor Angela Merkel faces a dangerous rebellion in her own party ranks that suggests she cannot ask parliament to …
Wells Fargo adding car loan branches to boost less risky lending
(Reuters) – Wells Fargo is building more branches devoted to car loans and financing for auto dealers in an effort to increase its auto lending business without taking bad credit risk, the bank’s head of car lending told Reuters.
