Analysis: Out of fashion: Gucci faces daunting task to replace top designer

PARIS, Nov 25 (Reuters) – The abrupt departure from Gucci of Alessandro Michele, the flamboyant designer who was a favorite of Harry Styles and Lady Gaga, increases pressure on owner Kering (PRTP.PA) as it faces slowing revenue growth at the Italian fashion house. News of the creative director’s exit after seven years comes as Kering … Read more

Global regulators to target crypto platforms after FTX crash

LONDON, Nov 24 (Reuters) – The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such ‘conglomerate’ platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview. Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors … Read more

Investors batten down ahead of Fed minutes, Eurozone recession fears growing

Fed minutes awaited US Thanksgiving public holiday on Thursday Stock eke out slim gains globally Euro zone economic data points to recession China hit by rising COVID-19 infections LONDON, Nov 23 (Reuters) – Global shares were little changed on Wednesday as investors kept their eyes peeled for the minutes of a Federal Reserve meeting that … Read more

Buffett’s Berkshire loses money as stocks, Hurricane Ian offset rising demand

Nov 5 (Reuters) – Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) on Saturday posted a $2.69 billion third-quarter loss as rising inflation, falling stock investments and a big loss from Hurricane Ian offset improvement in many of the conglomerate’s businesses. Operating profit nevertheless rose by 20%, topping analyst forecasts. Berkshire benefited from increased demand and prices … Read more

Bank of England raises rates by most since 1989 even as long recession looms

Central bank raises Bank Rate to 3% from 2.25% BoE tells investors their rate hike bets look too big Sterling falls nearly 2% against US dollar New forecasts show recession lasting into 2024 Government due to set out fiscal plans on Nov. 17 LONDON, Nov 3 (Reuters) – The Bank of England raised interest rates … Read more

‘Massive scars’: Germany’s Uniper posts record 40 bln euro net loss

Includes 31 billion euros in expected gas losses Uniper has drawn 14 bln euros of KfW credit lines Russian unit draws possible buyers’ interest share down 3% FRANKFURT/DUESSELDORF, Nov 3 (Reuters) – Soon-to-be-nationalised gas importer Uniper (UN01.DE) reported a record 40 billion euro ($39.3 billion) net loss in the first nine months of this year, … Read more

Credit Suisse seeks billions from investors in make-or-break overhaul

ZURICH, Oct 27 (Reuters) – Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients, as the bank attempts to put years of scandals behind it. The Swiss lender outlined on Thursday what its chairman Axel Lehmann … Read more

BoE to start selling bonds on Nov. 1, but not longer-dated gilts

Bond sales to go ahead on Nov 1 Long-duration bonds won’t be sold this year BoE delayed ‘quantitative tightening’ due to volatility BoE’s Cunliffe warns markets may be shaky in coming weeks LONDON, Oct 18 (Reuters) – The Bank of England said it would start selling some of its huge stock of British government bonds … Read more

Goldman, Lockheed results buoy Wall Street

Goldman Sachs benefits from higher interest rates Lockheed surges after quarterly results Salesforce climbs after Starboard Value takes stake Dow up 1.12%, S&P 500 up 1.14%, Nasdaq up 0.90% NEW YORK, Oct 18 (Reuters) – US stocks closed higher for a second straight day on Tuesday as solid quarterly results from Goldman Sachs and Lockheed … Read more

Credit Suisse pays $495 mln to settle legacy US case

Settlement ends bank’s largest outstanding RMBS case Credit Suisse says settlement is fully covered by provisions Bank still has five cases to resolve Expects to resolve outstanding cases in the next six months ZURICH, Oct 17 (Reuters) – Credit Suisse (CSGN.S) has agreed to pay $495 million to settle a case related to mortgage-linked investments … Read more