Swiss bank Julius Baer slammed for money laundering failures
Swiss bank Julius Baer has been reprimanded by the country’s watchdog for ignoring money laundering risks in handling millions of francs of suspect payments linked to corruption in Venezuela and world soccer body FIFA.
L Brands sells majority stake in Victoria’s Secret, CEO Wexner to step down
L Brands Inc said on Thursday it will sell a controlling stake in its Victoria’s Secret unit to investment firm Sycamore Partners, valuing the lingerie brand at $1.1 billion, as it focuses on its core Bath & Body Works brand.
Microsoft to invest $1.1 billion in Mexico over next five years: CEO
Microsoft Chief Executive Satya Nadella said the technology giant will invest $1.1 billion in Mexico over the next five years, according to a promotional video released by the Mexican government on Thursday.
UBS’s tech-savvy new boss Hamers not always loved by the Dutch
Ralph Hamers made his mark as a tech-savvy chief executive who led Dutch bank ING back to profitability after cementing its position as a no-frills lender in Germany and simplifying its product portfolio.
U.S. weekly jobless claims rise modestly
The number of Americans filing for unemployment benefits rose modestly last week, suggesting sustained labor market strength that could help to support the economy amid risks from the coronavirus and weak business investment.
Morgan Stanley to buy E*Trade Financial in $13 billion deal
Morgan Stanley said on Thursday it would buy discount brokerage E*Trade Financial Corp in an all-stock deal worth about $13 billion, the biggest deal by a Wall Street bank since the financial crisis.
Oil firms on supply threats, easing demand woes
Oil prices rose on Thursday supported by China’s efforts to boost its economy, a drop in new coronavirus cases at the epicentre of the outbreak and supply concerns in Venezuela and Libya.
HSBC targets the globally mobile with $1.4 trillion wealth business
HSBC plans to invest heavily in its newly combined retail and private banking business as it targets internationally minded customers in markets such as China, the United States and Singapore, the unit’s Chief Executive Charlie Nunn told Reuters.
Dollar tramples yen and everything in its path
The dollar trampled everything in its path on Thursday after a steep and sudden slide in the Japanese yen called into question its safe-haven status and others from the euro and pound to the Australian dollar were all sent cartwheeling.
Exclusive: Westinghouse set to sign pact with Indian firm for nuclear reactors during Trump visit
U.S. energy firm Westinghouse is expected to sign a new agreement with state-run Nuclear Power Corporation of India for the supply of six nuclear reactors during U.S. President Donald Trump’s visit next week, officials said, aiming to kickstart a long-…
