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ABN Amro’s first-quarter profit plunges on fragile fee income

  Bloomberg ABN Amro Group NV reported a 13 percent decline in profit after its first full quarter as a listed company coincided with a market rout, crimping revenue from fees and commissions, and said it is considering additional cost cuts. Net income fell to €475 million ($541 million) from €543 million a year ago, the state-controlled Dutch lender said ...

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China revamps credit expansion as PBOC balance sheet shrinks

Bloomberg While central bankers in Japan, Europe and US have struggled in recent years to stoke credit growth even as they grew their balance sheets to unprecedented size, the People’s Bank of China (PBOC) is succeeding, with a very different approach. For all the Communist Party’s rhetoric about giving a decisive role to markets, China’s financial system remains dominated by ...

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Gol bondholders to hire bankers and oppose debt plan

  Bloomberg A group of Gol Linhas Aereas SA’s bondholders views the Brazilian airline’s debt restructuring proposal as unfair and has hired US investment bank Houlihan Lokey Inc. to negotiate with the company, according to two people with direct knowledge of the matter. The investor group, representing owners of more than 20 percent of Gol’s dollar notes, sees the plan ...

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Profit at Italy’s biggest bank UniCredit tumbles by fifth

  Milan / BLOOMBERG Unicredit, Italy’s biggest bank by assets, said that net profit fell around a fifth at the start of the year due to restructuring costs in Italy and Austria. The charges — to the tune of some 230 million euros – weighed on the bank’s net profit in the first quarter, which came to 406 million euros ...

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ING gains dip on regulatory costs

  Bloomberg ING Groep NV, the biggest Dutch lender, said first-quarter profit declined 29 percent on growing regulatory expenses and a loss at its financial-markets division. Net income dropped to 1.26 billion euros ($1.43 billion) from 1.77 billion euros a year earlier, the Amsterdam-based bank said in a statement. That compares with 1.24 billion euros, the average of seven analyst ...

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BIS calls for new global monetary order

  Bloomberg The world’s dollar-dominated monetary order has serious instabilities that can best be fixed by central banks explicitly coordinating policy, Claudio Borio, the chief economist of the Bank for International Settlements (BIS), argued in a new paper. “The Achilles heel of the international monetary and financial system is that it amplifies the key weakness of domestic monetary and financial ...

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Caixa gauges growth where Itau sees risk

Bloomberg Caixa Economica Federal, the state-controlled bank poised to become Brazil’s biggest lender, is boosting its credit portfolio while competitors not owned by the government pull back in response to the worst recession in a century. First-quarter lending at Caixa rose 9.2 percent to 684.2 billion reais ($194 billion) from a year earlier, the Brasilia-based bank said in an e-mailed ...

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New London Mayor OKs city airport expansion

  Bloomberg Newly elected Mayor Sadiq Khan has dropped the Greater London Authority’s objection to London City Airport’s plan to purchase land it will need if its expansion plans are approved by the U.K. government later this year. The Labour mayor, who was elected last week, is withdrawing a key obstacle used by his Tory predecessor, Boris Johnson, to oppose ...

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Inside the real estate crowdfunding land rush

  Bloomberg Last month a Texas entrepreneur took to Craigslist with a surprising offer: For $50,000, the author of the listing would part with 5 percent of a real estate crowdfunding startup that he said would generate profit within three months. Seemant Nakra, who posted the ad, said it hasn’t led to new investment in his Austin-based company, Equity Brick, ...

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Qatar Airways postpones longest non-stop flight

  Doha & Paris / Reuters Qatar Airways has delayed the launch of the world’s longest scheduled direct flight — from Doha to Auckland, New Zealand — by two months because of the late delivery of Airbus A350s, an airline spokeswoman said. “I can confirm we are looking at February. It’s due to aircraft availability, specifically the delay in delivery ...

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