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Bloomberg Two senior executives at Goldman Sachs Group Inc.’s Asia merchant banking division have retired, a year after the firm combined its multiple private investing units into one team. Jonathan Vanica, who headed credit in Asia and real estate investing in India, Southeast and Korea, left this month after 19 years at bank. David Chou, a 15-year veteran who looked …

Bloomberg IOOF Holdings Ltd. has agreed to buy National Australia Bank Ltd.’s (NAB) wealth management unit for A$1.44 billion ($1.1 billion) as its transformation gathers pace. The Melbourne-based investment group will seek to raise A$1.04 billion through a share sale to help finance the purchase of MLC, IOOF said in a statement on Monday. The rest will be funded through …

Bloomberg BlackRock Financial Management, Inc. received approval from the China Securities Regulatory Commission to set up a wholly-owned mutual fund management company in the country. BlackRock is the first foreign business to receive the approval in China. The new company is based in Shanghai and has registered capital of 300 million yuan ($43.7 million), according to a statement on the …

Bloomberg Stocks in Europe began the week advancing alongside the US futures after equities set fresh record highs. The yen weakened. Mining shares led gainers in Europe along with utilities including Suez SA, which jumped after an approach by rival Veolia Environnement SA. Contracts on the three main American stock indexes pointed to a strong open on Wall Street. Markets …

Bloomberg Indian stocks reversed gains, halting a six-day advance, after the government said troops clashed with Chinese counterparts. The main stock index remained on course to cap its best run of monthly gains in four years. A gauge of implied stock volatility surged after the announcement and the S&P BSE Sensex slipped 0.8% to 39,166.6 at 1:02 pm. The measure’s …

Bloomberg Saudi Aramco discovered two oil and gas fields in northern parts of Saudi Arabia, the kingdom’s official news agency reported, citing Energy Minister Prince Abdulaziz bin Salman. Gas has started flowing from Hadabat Al-Hajara field near the Iraqi border at an average daily rate of 16 million standard cubic feet, in addition to 1,944 barrels of condensates, which are …

Bloomberg India must stop building coal infrastructure and focus on renewable power generation to aid the global fight against climate change and lift its citizens out of poverty, United Nations Secretary-General Antonio Guterres said. The nation, the biggest coal consumer after China, must invest in a “clean, green transition” as it recovers from the Covid-19 pandemic, Guterres said at an …

Bloomberg Siemens Gamesa Renewable Energy SA has one eye on the future where its wind turbines could play a key role in creating hydrogen. The company, which earlier this year launched the world’s biggest wind turbine, plans to start a pilot project in Denmark to test how its machines could power production of the fuel seen as key to eliminating …

Bloomberg This year’s rally in exchange-traded funds specialising in clean energy is leaving larger peers in the environmental, social and governance (ESG) sector far behind. One example is the $1.2 billion Invesco Solar ETF’s 75% jump this year, which exceeds the 9% climb in the $8.6 billion iShares ESG Aware MSCI USA ETF, the biggest such fund in the ESG …

Bloomberg China’s biggest banks are suffering their worst profit decline in more than a decade as a cascade of loans to businesses across China are going bad. Reporting their first-half earnings on Sunday, China Construction Bank Corp., (CCB) the world’s second-largest lender by assets, said profit slid 11% in the period, while Agricultural Bank of China Ltd., (AgBank), China’s third …