Bloomberg HSBC Holdings Plc Chairman Mark Tucker promised a strategy reboot. Investors got what some called more of the same — pledges to cut costs and do more with less. The shares plunged by the most since 2017 after buybacks were shelved for two years and the executives themselves said more bad news was still to come — once they ...

Bloomberg Plunging oil prices stemming from the coronavirus outbreak led the International Monetary Fund (IMF) to cut its estimate for Nigerian economic growth, highlighting the difficulties Africa’s top crude producer faces reviving and diversifying its economy. The forecast was lowered to 2% from 2.5%, the lender said after concluding an Article IV consultation. Nigeria needs a major policy overhaul to ...

Bloomberg Unione di Banche Italiane (UBA) SpA, Italy’s fifth-largest bank, plans to pay out 40% of net income to shareholders on average over the course of its three-year strategic plan and may make an extra payment if capital is strong enough. UBI expects to eliminate about 2,030 positions and close 175 branches through 2022, the Bergamo, Italy-based bank said. That’s ...

Bloomberg The International Monetary Fund (IMF) is sending a small mission to Ukraine for talks on economic expansion as the government struggles to finalize a $5.5 billion loan. The team will visit Ukraine “for technical discussions on policies to achieve stronger growth and safeguard stability,” IMF resident representative in Ukraine Goesta Ljungman said. No time frame for the visit was ...

Bloomberg The Federal Reserve’s mass purchases of Treasury bills is creating distortions in money markets and that may make it harder for Eurodollar traders who bet on the interest-rate outlook. What started as an attempt by the Fed to relieve strains in money markets is having an unintended impact on some of the world’s most important borrowing benchmarks. As the ...

Bloomberg First it was the Federal Reserve. Then the European Central Bank (ECB). Now, India’s monetary authority may look to the Bank of England (OBOE)for ideas to revive growth, economists say. The Reserve Bank of India (RBI) could possibly draw inspiration from BOE’s Funding for Lending Scheme to jump start loan growth in the economy that’s set for its weakest ...

Bloomberg European equities are trading at fresh record highs, and JPMorgan Chase & Co strategists say the rally can go on and even expand to markets that have been left behind. The Stoxx Europe 600 Index closed at a historical peak last week after earnings optimism outweighed spreading coronavirus fears. To JPMorgan strategists, the fact that the European benchmark has ...

Bloomberg Reliance Industries Ltd, controlled by Indian billionaire Mukesh Ambani, is merging its media and distribution businesses spread across multiple entities into Network18 Media & Investments Ltd to help simplify the structure of the assets. The broadcasting business, TV18 Broadcast Ltd, will be housed in Network18, while the cable and internet services will be folded under two separate wholly owned ...

Bloomberg India is open to greater market access for American farm and dairy products and lower duties on Harley-Davidson Inc motorcycles as it seeks to conclude a trade deal with the US in time for President Donald Trump’s scheduled visit next week, according to people with knowledge of the matter. New Delhi is willing to allow market access for US-produced ...

Bloomberg As Nissan Motor Co’s shareholders met on Tuesday to place new management on the board, the backdrop was grim. Sales and profitability are declining, a turnaround plan isn’t due for another three months and the stock is hovering near decade lows. Chief Executive Officer Makoto Uchida, Chief Operating Officer Ashwani Gupta, Executive Vice President Hideyuki Sakamoto and Renault SA ...