HSBC eyes bumper dividend from $10 bln sale of Canada unit to RBC

Deal comes amid pressure from Chinese shareholders Analysts hail ‘sensitive’ transaction Bank could return deal proceeds to shareholders LONDON/TORONTO/NEW YORK, Nov 29 (Reuters) – HSBC (HSBA.L) has agreed to sell its business in Canada to Royal Bank of Canada (RY.TO) for C$13.5 billion ($10 billion) in cash, paving the way for a potential bumper payout … Read more

Crypto lender BlockFi files for bankruptcy as FTX ripple effect spreads

Filing follows weeks after FTX collapse FTX listed as BlockFi’s No.2 creditor Bitcoin down over 70% from 2021 peak Nov 28 (Reuters) – Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said on Monday, the latest crypto casualty following the spectacular collapse of the FTX exchange earlier this month. The filing in … Read more

Global oil market signals short-term weakness ahead of EU ban on Russian oil

NEW YORK, Nov 28 (Reuters) – The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. After months of strength, crude futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns … Read more

Exclusive: Poland seeking German support to sanction Russian Druzhba oil pipeline

WARSAW, Nov 25 (Reuters) – Poland is seeking German support to slap EU sanctions on the Polish-German section of the Druzhba crude pipeline so Warsaw can abandon a deal to buy Russian oil next year without paying penalties, two sources familiar with the talks said. The sources also said the pair were nearing an agreement … Read more

Nasdaq ends down as investors eye Black Friday sales, China infections

Retailers in focus as Black Friday sales start Activision down on likely FTC lawsuit to block Microsoft deal Apple slips, Foxconn China plans sees lower shipments Indexes: Dow up 0.45%, S&P 500 down 0.03%, Nasdaq down 0.52% Nov 25 (Reuters) – The Nasdaq closed lower on Friday with pressure from Apple Inc (AAPL.O) in a … Read more

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

Exclusive: China set to fine Ant Group over $1 billion, signaling revamp nears end-sources

HONG KONG, Nov 22 (Reuters) – Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma’s Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company’s two-year long regulatory overhaul. The People’s Bank of China (PBOC), which has been driving … Read more

EXCLUSIVE Bankman-Fried’s FTX, parents bought Bahamas property worth $121 mln

FTX unit bought 7 condos in high-end resort for “key personnel” Bankman-Fried’s parents named owners of $16.4 mln vacation home Bankman and Fried tell Reuters: Seeking to return deed to FTX NEW PROVIDENCE, Bahamas, Nov 22 (Reuters) – Sam Bankman-Fried’s FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 … Read more