March, 2022

• 16 March

  European banks take steps to insulate IT systems in Russia

  

    Bloomberg European banks operating in Russia are preparing to separate those business from their main computer systems to reduce their vulnerability to cyber-attacks following the invasion of Ukraine. Commerzbank AG is preparing to cut off its Russian unit from its system as one potential scenario and already has the ability to rapidly sever the connection through what’s internally known …

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• 16 March

  Wells Fargo lifts CEO Scharf’s pay 20% to $24.5mn for 2021

  

    Bloomberg Wells Fargo & Co raised Chief Executive Officer (CEO) Charlie Scharf’s pay 20% for 2021, a year in which profit recovered and shares advanced more than most of the bank’s rivals. The board paid Scharf $24.5 million for his second full year atop Wells Fargo, up from $20.3 million for 2020, according to a filing. The package consisted …

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• 16 March

  Citigroup plans to hire 30 analysts in Malaga, Spain

  

    Bloomberg Citigroup Inc is setting up a new hub in Malaga, Spain, where it plans to hire 30 analysts, as part of the banking giant’s efforts to retain staff. The lender hopes the Andalusian city, with more than 8 miles (13 kilometers) of coast line along the Mediterranean Sea, will offer employees a better work-life balance and help curb …

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• 16 March

  HSBC agrees to sell Greek bank branches to Pancreta

    Bloomberg HSBC Holdings Plc has agreed to sell its 15 Greek bank branches to Pancreta Bank SA, the latest move by the lender to cut back some of its operations outside of Asia. Subsidiary HSBC Continental Europe has reached an “in-principle agreement to sell its branch operations in Greece,” according to a statement. No financial terms were disclosed and …

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• 16 March

  Standard Bank in talks with ICBC on exiting JV

    Bloomberg Standard Bank Group Ltd is in talks with Industrial and Commercial Bank of China (ICBC) to exit the two banks’ UK-based joint venture and focus on growing operations on its home continent. ICBC Standard Bank was created in 2015, when the company sold a 60% stake of its London-based Global Markets business to Chinese giant. The combination sought …

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• 15 March

  Tencent, Alibaba have erased $1trn in value over last year

  

    Bloomberg Chinese technology giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. have lost more than $1 trillion in combined market value since the selloff in Hong Kong stocks began 13 months ago. The two tech powerhouses account for more than half of the $2.1 trillion in total losses for Hang Seng Tech Index members since the gauge’s February …

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• 15 March

  European stocks fall as investors weigh inflation, Fed risks

  

    Bloomberg European stocks retreated as investors braced for tomorrow’s expected Federal Reserve policy tightening and weighed the impact of soaring inflation on economic growth. The Stoxx Europe 600 slumped 2% at 8:56 am in London. Miners fall the most, with commodities retreating as coronavirus outbreaks in China threaten to disrupt the country’s economic recovery. Consumer products and services as …

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• 15 March

  Apple ends below key level as Foxconn closes plant in China

    Bloomberg Apple Inc shares fall, closing below their 200-day moving average for the first time since June, after the iPhone maker’s supplier Foxconn halted operations at its Shenzhen sites following a government-imposed lockdown. Shares dropped as much as 2.7%, ending at their lowest since November. The decline erased more than $67 billion off Apple’s market capitalisation, putting it under …

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• 15 March

  Britain exploring using coal to help keep lights on next winter

  

    Bloomberg The UK held exploratory talks with Electricite de France (EDF) SA about the possibility of keeping the West Burton A coal-fired power plant generating beyond the end of September, when it’s due to close. The talks are at a very early stage, according to a person familiar with the matter. As things stand, EDF is running down stockpiles …

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• 15 March

  San Miguel to build $1.1b gas-fired power plants

    Bloomberg San Miguel Corp will build two gas-fired power plants in central Philippines for $1.14 billion) as the nation’s largest conglomerate shifts away from coal. Indirect subsidiary Prestige Power Resources Inc will construct a 600-megawatt combined cycle gas plant in Leyte province for 41.5 billion pesos, while another indirect unit Reliance Energy Development Inc is planning a 300-megawatt plant …

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