March, 2017

• 18 March

  Russian bank raised millions in Irish shadow banking

  

    Bloomberg With the management and shareholders of one of Russia’s biggest regional lenders deep in unsuccessful talks with the central bank about how to save it from collapse last November, an obscure company in Dublin sold $60 million of bonds on its behalf. The amount wasn’t nearly enough to cover the estimated 97 billion ruble ($1.6 billion) hole in ...

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• 18 March

  ‘Fixing fake accounts will take more time’

  

    NEW YORK / AP Wells Fargo CEO Tim Sloan said the company could need several more months to resolve customer damage tied to its massive sales practices scandal, such as figuring out if people had trouble getting approved for other loans because of the fake accounts bank employees opened. Sloan reiterated what he has said since becoming CEO in ...

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• 18 March

  Goldman Sachs cuts Lloyd’s pay to $22mn for 2016

  

    Bloomberg Goldman Sachs Group Inc. reduced chief executive officer Lloyd Blankfein’s annual compensation 27%, awarding him $22 million for 2016 after eliminating a long-term incentive award. Blankfein, 62, received $16 million in performance shares and a $4 million cash bonus, in addition to his $2 million salary, the New York-based firm said Friday in its annual proxy filing. Unlike ...

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• 18 March

  Ex-Barclays boss buys Panmure in investment banking return

  

    LONDON / Reuters Former Barclays chief executive Bob Diamond marked a return to investment banking in Britain with a Qatari-backed takeover of stockbroker Panmure Gordon, one of the oldest names in the City of London. Diamond, who left Barclays in 2012 during the Libor interest rate-rigging scandal, is making the move through his private equity firm Atlas Merchant Capital, ...

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• 18 March

  BofA’s banks says S&P 500 may hit 2,600

    Bloomberg The S&P 500 Index could reach 2,600 as the global economy improves and corporate earnings climb, said Keith Banks, president of Bank of America Corp.’s (BofA) US Trust unit. “It’s natural to get nervous when you’ve seen the run that we’ve seen, but what I would bring things back to are underlying fundamentals,” Banks said in an interview ...

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• 18 March

  Qatar central bank raises policy rates

  

    DOHA / Reuters Qatar’s central bank said that it raised its overnight lending rate by 25 basis points to 5.0 percent after the U.S. Federal Reserve tightened policy by a similar margin. The central bank also increased its overnight deposit rate by 25 bps to 1.25 percent. However, the central bank reduced banks’ reserve requirement — the amount of ...

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• 18 March

  Google to revamp ad policies after UK, big brands boycott

  

    Bloomberg Google, the primary revenue driver for Alphabet Inc., announced changes to its advertising policies after major brands pulled ads from the platform because they appeared alongside offensive content, such as videos promoting terrorism or anti-Semitism. The US company said in a blog post it would give clients more control over where their ads appear on both YouTube, the ...

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• 18 March

  Toshiba attracts more potential bidders for chips unit

  

    Bloomberg Toshiba Corp.’s memory chips business is attracting more potential bidders ahead of an end-March deadline, including Japanese government-backed entities, people with knowledge of the matter said. The Development Bank of Japan is considering a joint offer with US financial bidders, people familiar with the matter said, asking not to be identified discussing a private matter. The electronics conglomerate ...

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• 18 March

  Ericsson tries to avoid patent war by publishing rates for 5G

  

    Bloomberg Ericsson AB has taken the unusual step of publicly setting a price tag on what it will cost to license the telecommunications company’s technology for the next generation of high-speed mobile phone networks. Ericsson said it will cap royalties at $5 per phone for higher-end handsets, though it would go as low as $2.50 for less expensive devices. ...

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• 18 March

  Auto sector backs commitment to fuel economy amid doubts

  

    DEARBORN / AP Just because President Trump may weaken US fuel economy requirements, don’t expect gas guzzlers like the giant 13 mpg Hummer H1 to make a comeback. Executives from automakers and suppliers gathered at a conference outside of Detroit said looser fuel economy standards might allow for sales of more trucks in areas where they’re popular. But otherwise, ...

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