News

Bloomberg It’s a familiar story: a Japanese company is embroiled in scandal, then executives take pay cuts in a bid to make everything right. SMBC Nikko Securities Inc. is the latest firm to do just that. Chief Executive Officer Yoshihiko Shimizu and Chairman Tetsuya Kubo are forgoing 20 percent of their salaries for two months after a former employee was ...

Bloomberg Thailand named Ruenvadee Suwanmongkol as secretary general of the Securities & Exchange Commission, appointing a woman to run the market regulator for the first time. Ruenvadee, who is currently the director general of the Legal Execution Department at the Ministry of Justice, will begin her new position on May 1, according to a statement on the government’s website. Prime ...

Bloomberg Citic Securities Co. signed a preliminary agreement to buy smaller rival Guangzhou Securities, the latest in a series of acquisitions by China’s largest brokerage. Citic Securities plans to fund the purchase by issuing shares to the current owners of Guangzhou Securities — Hong Kong-listed Yuexiu Financial Holdings Group and one of Yuexiu’s wholly-owned units, according to a filing to ...

Bloomberg Nissan Motor Co. updated its corporate governance code, a month after the shock arrest and indictment of former chairman Carlos Ghosn brought differences with partner Renault SA out in the open after a two-decade partnership. As part of the new code, Nissan clarified its policy on cross-shareholdings, in which two companies hold stakes in each other. The board will ...

Bloomberg Despite a flurry of disappointing data, the euro-area economy doesn’t necessarily face a bleak winter. Hidden behind figures that point to a protracted slowdown — such as yet another drop in German business confidence — are a few encouraging signs. For European Central Bank President Mario Draghi, pay gains, rising exports and receding problems in the auto industry offer ...

Bloomberg Reports that AngloGold Ashanti Ltd is considering a London listing provide some festive cheer to a city that’s lost its way as a home for gold miners. While Toronto, Johannesburg and Sydney have long hosted the biggest producers, London vies with New York as the world’s premier gold trading hub and its financiers have bankrolled the industry since the ...

Bloomberg Mattel Inc extended its longest streak of daily declines since 2015 after Goldman Sachs analysts cut estimates following the toymaker’s loss of licensing for certain DC Comics products, including boys’ action toys. Spin Master Corp will be the new licensee for DC in the boy’s action category, remote control and robotic vehicles, water toys and games and puzzles, displacing ...

Bloomberg Britain’s Brexit limbo is helping to give Luxembourg’s booming funds industry a boost at the expense of jobs in the City of London. UK funds are racing to set up management units in the EU to avoid being locked out of the soon-to-be 27 nation bloc come March 29. And many are choosing tiny Luxembourg, which has already carved ...

Bloomberg / Agencies Saudi Arabia plans to tender or award six water-related projects in 2019 as it pushes ahead with a privatisation programme. The cabinet has approved the tendering of seven desalination and wastewater projects. One was awarded this week, three are in various stages of tender process and three more will be offered to investors next year, the government’s ...

RIYADH / WAM The official spokesman for the coalition to restore legitimacy in Yemen, Col. Turki Al-Malki has renewed coalition states’ support for the UN resolution regard-ing the Sweden Agreement on Yemen. The Saudi Press Agency quoted Al Malki as saying at a press conference on Tuesday that the UNSC resolution ensures the territorial integrity of Yemen in line with ...