PNC to wind down Market Street Funding amid regulatory pressure
(Reuters) – PNC Financial Services Group Inc said it has started to wind down Market Street Funding LLC, an investment vehicle that funds credit facilities for the bank’s clients by issuing short-term debt.
German July industry output falls 1.7 percent
BERLIN (Reuters) – – German industry output dropped by a more-than-expected 1.7 percent on the month in July, data showed on Friday, but a two-month average suggested that industry in Europe’s largest economy is on the path to recovery.
Banks to repay 5.9 billion euros of ECB crisis loans
FRANKFURT (Reuters) – Banks will return 5.905 billion euros ($7.75 billion) of crisis loans early to the European Central Bank next week, the biggest repayment since late May in a sign they are returning to health.
HSBC completes cross-border, two-way yuan lending in China
HONG KONG (Reuters) – HSBC said on Friday it had completed a two-way cross-border yuan lending transaction for a Taiwanese company under a pilot program China introduced in August, becoming the first foreign bank to conduct such a transaction.
Banks tap into promising market for “top-up” capital bonds
LONDON, Sept 6 (Reuters/IFR) – European banks are stepping up plans to raise money via bonds that can top up their capital, following a green light from regulators, potentially opening up a market worth up to 240 billion euros ($317 billion).
Worst over for rupee? For now, technical charts say yes
MUMBAI (Reuters) – After hitting a record low of 68.85 to the dollar last week, there are signs that the beleaguered Indian rupee may have entered a period of relative calm. Technical analysis certainly suggests so.
Volkswagen Piech rebuffs report he will quit as chairman: Spiegel
BERLIN (Reuters) – Volkswagen Chairman Ferdinand Piech brushed off a media report saying he would soon quit his post at Europe’s largest automaker, Spiegel reported on Friday.
At G20, Europe finds some space to breathe on economy
ST. PETERSBURG, Russia (Reuters) – For the first time in at least three years, European leaders have found themselves out of the economic firing line at a Group of 20 summit, with emerging nations’ troubles taking the spotlight.
EU court rules against sanctions on seven Iranian companies
BRUSSELS (Reuters) – A European Union court ruled on Friday that the EU should lift sanctions it imposed against seven Iranian companies, dealing a new blow to Europe’s efforts to use economic pressure to rein in Tehran’s disputed nuclear work.
KKR favored in $1.5 billion Panasonic healthcare talks: sources
TOKYO (Reuters) – Kohlberg Kravis Roberts & Co is set to gain preferential negotiating rights for a majority stake in Panasonic Corp’s healthcare unit, sources familiar with the matter said, a potential $1.5 billion deal that would mark the U.S. firm’s largest investment in a Japanese company.
