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Bloomberg UTI Asset Management Co, India’s oldest mutual fund, is set to go public next year after some of its shareholders came under regulatory pressure to cut stakes. Life Insurance Corp (LIC), State Bank of India (SBI) and Bank of Baroda must reduce their stakes in UTI Asset by the end of 2020, the country’s market regulator said in a …

Bloomberg Home Depot Inc shares fell as much as 2.5% Wednesday as the retailer’s sales and operating margin guidance for next year disappointed Wall Street. The forecasts were provided ahead of the its 2019 Investor and Analyst Conference. Analysts weren’t completely surprised by the guide down, following Home Depot’s weaker-than-expected third-quarter report November19, which included cuts to its current year …

Bloomberg HSBC Holdings Plc will pay $192 million to resolve a decade-long US tax investigation and admitted that it helped American clients cheat the Internal Revenue Service, (IRS) according to a US judge. Prosecutors filed a charge of conspiracy to defraud the US against a unit of the bank, HSBC Private Bank (Suisse) SA, but agreed to drop it in …

Bloomberg Barry Zamore, the head of loan trading at UBS Group AG, was terminated after engaging in an allegedly improper transaction. Zamore, 50, was dismissed at the end of October for violating firm policies, UBS said in a regulatory filing. The Swiss bank terminated him for buying back a loan at the same price from a counterparty, cancelling that transaction …

Bloomberg JPMorgan Chase & Co and Citigroup Inc won’t be repeating 2018’s rough close to the year. Fourth-quarter trading revenue will rise “meaningfully” from a year earlier, driven by the fixed-income business, JPMorgan Chief Financial Officer Jennifer Piepszak said at an investor conference. Citigroup CFO Mark Mason said at the conference that the bank’s trading revenue in the period is …

Bloomberg Uganda will spend as much as a fifth of government revenue on interest payments in this financial year and the International Monetary Fund (IMF) warned this could reduce expenditure on human capital and infrastructure projects. That’s equivalent to what countries that are close to or in debt distress spend on servicing credit, according to the IMF’s country Resident Representative …

Bloomberg European Central Bank (ECB) policy makers meeting in Frankfurt this week will discuss the prospect of launching their own digital currency, according to euro-zone officials familiar with the matter. Governing Council members were expected to talk about the topic informally at dinner on Wednesday, a day before their policy meeting under new President Christine Lagarde, the people said, asking …

Bloomberg South Africa’s energy crisis eased as state power utility Eskom Holdings SOC Ltd scrambled to repair broken plants and supplemented supply using gas turbines and pumped-storage facilities. Power cuts, known locally as load shedding, should be limited to 2,000 megawatts on Wednesday — down from a peak of 6,000 megawatts — and are expected to end next week, Eskom …

Bloomberg Washington state’s biggest utility is selling a stake in one of America’s largest coal-fired power plants for $1, seeking to comply with a new state law requiring energy companies to stop using the fuel by 2025. Puget Sound Energy Inc agreed to sell its 25% stake in the 740-megawatt Colstrip Unit 4 facility.

Bloomberg Europe’s top airlines attacked EU plans to impose a region-wide kerosene tax as part of a sweeping new environmental strategy, calling the duty unnecessary and unfair and saying investment in sustainable fuels and electric planes would be more effective in reducing carbon emissions. Chiefs of four of the region’s biggest carriers raised their concerns with European Union Transport Commissioner …