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China’s banks recruit tens of thousands in rescue mission

Bloomberg China’s mega banks are ramping up their recruitment of fresh graduates as a record number enter the labour market, joining other state-owned firms in boosting employment even as lenders deal with plunging earnings and ballooning bad debt. The four biggest state banks, led by Industrial & Commercial Bank of China Ltd., (ICBC) this month kicked off their autumn campus ...

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JPMorgan needs to pay $1bn to take over China fund venture

Bloomberg JPMorgan Chase & Co. needs to pay at least 7 billion yuan ($1 billion) if it proceeds to buy out its counterpart in its Chinese mutual fund business, a pricey premium for the US bank that has ambitions to expand in China’s finance sector. JPMorgan’s business partner Shanghai International Trust Co. said it agreed to sell its 49% stake ...

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RBI says India economy likely to take more time to recover

Bloomberg India’s central bank said demand in the economy is likely to take more time to mend in the absence of greater fiscal support, even as the government is constrained in its ability to provide more stimulus. “An assessment of aggregate demand during the year so far suggests that the shock to consumption is severe,” the Reserve Bank of India ...

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India’s MCX plans more index futures after bullion

Bloomberg Multi Commodity Exchange of India Ltd. (MCX) plans to launch a slew of index-based futures to widen its offerings to the local investors, after starting a bullion index. The Kotak Mahindra Bank Ltd.-backed exchange, the nation’s biggest venue for commodities, began a cash-settled bullion index futures and plans to start a similar product for base metals in a month followed ...

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Citi cites $900mn human error. Lenders are puzzled

Bloomberg Citigroup Inc. is chalking up its wayward $900 million payment to lenders of the embattled cosmetics giant Revlon Inc. to one thing: human error. The bank — which said it has been in the process of upgrading its loan operations platform after a review it undertook last year — said it mistakenly transmitted the payments after an employee didn’t ...

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Credit Suisse may cut 500 positions in Switzerland

Bloomberg Credit Suisse Group AG may cut as many as 500 positions in Switzerland as part of plans to restructure its retail business in the country. Andre Helfenstein, chief executive officer of the Swiss Universal Bank and head of Switzerland, announced the cuts on a call with reporters after the bank had earlier signalled changes to its banking business. The ...

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Stocks in Europe, Asia climb with US futures on trade hopes

Bloomberg Stocks climbed in Europe and Asia alongside US equity futures as America and China signalled progress on their phase-one trade deal. Treasuries edged lower with the dollar. S&P 500 futures advanced and shares rose throughout most of Asia as the two countries reaffirmed their commitment to a deal despite disagreement over issues such as tech security and Hong Kong. ...

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India stocks fluctuate as investors assess rally to 6-month high

Bloomberg India’s benchmark stock index swung between gains and losses as investors assessed the recent rally that drove the gauge to a six-month high. The S&P BSE Sensex was little changed at 38,813.79 as of 11:42 am in Mumbai, having fluctuated between an advance of 0.5% and a decline of 0.3%. The NSE Nifty 50 Index was also little changed. ...

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Mubadala, Kohlberg ink deal to buy majority stake in US pharma firm

ABU DHABI / WAM PCI Pharma Services (PCI), a leading pharmaceutical and biopharmaceutical global supply chain solutions provider, and portfolio company of Partners Group, announced on Monday the signing of a definitive agreement for the acquisition of majority stake in the company by Kohlberg & Company, LLC (Kohlberg). Kohlberg is a leading private equity firm headquartered in Mount Kisco, New ...

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Oil rises as dual storms shut production in US Gulf coast

Bloomberg Oil edged higher as production was disrupted by two storms approaching the US Gulf Coast. Futures rose 0.8% in New York. Almost 58% of crude output, or more than 1 million barrels a day, in the Gulf of Mexico was closed as of midday. The storms Marco and Laura — the latter of which is forecast to become a ...

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