Bloomberg Lloyds Banking Group Plc mugged shareholders when it got them to agree to the “catastrophic” HBOS deal at the height of the global financial crisis, a lawyer representing thousands of investors suing the bank said on the first day of a London trial. Senior executives “pursued a dangerous and value-destroying strategy” to push the deal through, Richard Hill, the ...

Bloomberg Bitcoin soared to another milestone, as the digital currency breached $6,000 for the first time to put its gain in 2017 to more than 500 percent. As bitcoin continues climbing, Twitter users are speculating that the rise could be driven by everything from a cash shortage in Zimbabwe to an increase in margin trading. If one thing is for ...

Reuters Riyad Bank, Saudi Arabia’s fourth-largest bank by assets, reported a 47.7 percent rise in third-quarter net profit, beating analysts’ forecasts as income from investments and fees and commission rose. The bank, which had reported flat or lower profits in nine of the last ten quarters, made $288 million in the three months to September 30, up from 729 million ...

Bloomberg Wells Fargo & Co. said four employees in foreign-exchange trading left the bank and the former leader of the business accepted a new role, as the Wall Street Journal reported that regulators are investigating the unit. Simon Fowles, Bob Gotelli, Jed Guenther and Michael Schaufler are no longer with the San Francisco-based lender, Jessica Ong, a bank spokeswoman, said ...

Bloomberg After a crucial week for the Bank of England (BOE), a November interest-rate increase no longer looks like a sure thing. Inflation may have hit 3 percent, but for some policy makers at the central bank, the domestic price pressures that justify raising now aren’t there. That view was backed up by data that showed wage growth slowing. Dave ...

Bloomberg South African Airways Chairman Dudu Myeni will leave the state-owned airline in a shake up of the board scheduled for early next month, as the finance ministry puts new management in place to turn around the unprofitable carrier. Myeni, who is friends with South African President Jacob Zuma and heads his charitable foundation, is the most prominent of a ...

Bloomberg The deal that ceded control of Bombardier Inc.’s C Series jet programme to Airbus SE was the best option to save jobs in Quebec and ensure the industry’s future in the Canadian province, Economy Minister Dominique Anglade said. The entry of the European plane maker brings in a “selling firepower” that Bombardier doesn’t have, opening up markets for the ...

Bloomberg Roots Corp., the Canadian retailer known for its casualwear and leather goods, raised $160 million in its initial public offering after cutting the price below its targeted range, according to people familiar with the matter. The Toronto-based retailer sold shares at C$12 a piece, below its previously disclosed range of C$14 to $16 each, said the people who asked ...

Bloomberg Amazon.com Inc. is ready to commit to Brazil. Kind of, sort of. After five years of just selling books in the country, Amazon is now launching an electronics and appliances marketplace. The official announcement came recently, but locals have been talking about it for a week after Bloomberg News was first to report that a significant number of Amazon ...

Dubai / Emirates Business DAMAC Properties Dubai Co. PJSC, a leading property developer in the Middle East, on Wednesday announced its first-nine months of 2017 financial results, reporting total revenue of AED 5.8 billion and net profit of AED 2.3 billion. As of September 30, DAMAC’s booked sales for 9M stood at AED 6 billion, representing a 13 percent increase ...