Business

CFTC orders Citigroup to pay $1 mln over swap reporting violations

The Commodity Futures Trading Commission (CFTC) on Monday said Citigroup had agreed to pay $1 million to settle charges it violated swap data reporting rules and supervision rules, and breached a previous CFTC settlement agreed in 2017. That 2017 order found Citigroup’s broker-dealer failed to report certain swap data, among other lapses. The CFTC’s Monday […]

Business

Strong U.S. business spending on equipment seen underpinning GDP growth in Q3

New orders and shipments of key U.S.-made capital goods increased solidly in August amid strong demand for computers and electronic products, keeping business spending on equipment on track for another quarter of robust growth. The sustained strength in business investment is expected to limit the hit on economic growth from an anticipated slowdown in consumer […]

Business

Funds exposed to China Evergrande stocks and bonds

Sharp falls in the stocks and bonds of China Evergrande Group have raised the spectre of losses for global asset managers with exposure to the embattled property developer. The below graphics show the exposure of asset managers to the Chinese firms stocks and bonds and how they have performed. On the equities side, various Vanguard […]

Business

Google, in fight against record EU fine, slams regulators for ignoring Apple

Alphabet (GOOGL.O) unit Google on Monday blasted EU antitrust regulators for ignoring rival Apple (AAPL.O) as it launched a bid to get Europe’s second-highest court to annul a record 4.34-billion euro ($5.1 billion) fine related to its Android operating system. Far from holding back rivals and harming users, Android has been a massive success story […]

Business

EXCLUSIVE China Evergrande’s wealth management arm faces local government inquiry

The Shenzhen government is investigating a unit of Chinese developer Evergrande (3333.HK), the city’s financial regulator told investors on Monday, in the first sign of an official inquiry into the wealth management crisis at the real estate giant. Evergrande, the world’s most indebted property developer headquartered in Shenzhen, owes $305 billion and has run short […]

Business

Ferrari, parent Exor clinch alliance with former Apple designer Jony Ive

Italian luxury car maker Ferrari and its parent company Exor, the holding vehicle of the Agnelli family, are joining forces with with Jony Ive, the creative mind behind many of Apple’s iconic products, and fellow designer Marc Newson. The duo – who together developed Apple Watch – belong to the LoveFrom creative collective of designers, […]

Business

EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC

Swedish electric-car maker Polestar said on Monday it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. The deal with Gores Guggenheim (GGPI.O) will provide Polestar cash proceeds of over $1 billion, including $800 million from the […]