HSBC’s investment bank to shed clients, assets in profitability push
LONDON (Reuters) – HSBC’s investment bank could shed more than a fifth of its clients and plans to reduce its credit and interest rates businesses by $100 billion over the next two years in its bid to improve profitability.
Tokio Marine to buy HCC Insurance for $7.5 billion
TOKYO (Reuters) – Tokio Marine Holdings Inc said on Wednesday it had agreed to buy U.S. specialty insurer HCC Insurance Holdings Inc for $7.5 billion, in what would be the biggest M&A deal this year by a Japanese company.
Oil up after U.S. stockpile draw, profit-taking pares gains
NEW YORK (Reuters) – Oil rallied for a second straight day on Wednesday as U.S. government data confirmed a big weekly drawdown in domestic crude stockpiles, although profit-taking by players who had bet on the draw pulled the market back from its high…
Apple Music faces antitrust scrutiny in NY, Connecticut
(Reuters) – The attorneys general of New York and Connecticut are investigating Apple Inc’s negotiations with music companies to look for signs of potential antitrust violations.
Spotify raises $115 million from TeliaSonera in share sale
STOCKHOLM (Reuters) – Swedish telecom operator TeliaSonera is buying into music streamer Spotify for a slice of the fast growth and rapid innovation typical of online companies, investing as competition heats up in Spotify’s industry.
U.S. consumer sentiment index falls in June: Thomson Reuters/IPSOS
WASHINGTON (Reuters) – U.S. consumer confidence fell 1.7 percentage points in June, declining for the second consecutive month and to its lowest level this year, a survey released on Wednesday showed.
As Greece lurches toward default, businesses hit the wall
ATHENS (Reuters) – When construction of four 6.5 billion euro toll roads across Greece resumed last year, Greek and foreign businesses rejoiced.
Bund yield hits 1 percent as stock markets halt sell-off
LONDON (Reuters) – German bond yields hit 1 percent for the first time since September on Wednesday as long-term inflation expectations rose, luring investors back into equities despite lingering jitters over the size of recent market swings.
Exclusive: Facebook earns 51 percent of ad revenue overseas
NEW YORK (Reuters) – Overseas markets bring in more advertising revenue than the United States for Facebook Inc, amounting to 51 percent of global ad sales in the first quarter, with growth in Asia the fastest in the world at 57 percent, company execut…
Alibaba’s Ma, visiting New York, says not in America to compete
NEW YORK (Reuters) – Chinese e-commerce titan Alibaba Group Holding Ltd does not want to fight for U.S. market share but instead hopes to help small U.S. businesses sell more goods in China, Executive Chairman Jack Ma said.
