HSBC eyes bumper dividend from $10 bln sale of Canada unit to RBC

HSBC eyes bumper dividend from $10 bln sale of Canada unit to RBC

Deal comes amid pressure from Chinese shareholder Analysts hail ‘sensible’ transaction Bank could return deal proceeds to shareholders LONDON/TORONTO/NEW YORK, Nov 29 (Reuters) – HSBC (HSBA.L) has agreed to sell its business in Canada to Royal Bank of Canada (RY.TO) for C$13.5 billion ($10 billion) in cash, paving the way for a potential bumper payout … Read more

Philip Morris clinches Swedish Match after smoking out opposition

Philip Morris clinches Swedish Match after smoking out opposition

PMI needs 90% stake for compulsory buyout of minorities PMI believes that target can eventually be reached PMI says top 10 Swedish Match investors tendered shares Nov 7 (Reuters) – Marlboro maker Philip Morris International (PMI) (PM.N) overcame some opposition to clinch 83% of Swedish Match (SWMA.ST), short of the 90% it wanted but enough … Read more

CVS, Walmart, Walgreens agree to pay $13.8 bln to settle U.S. opioid claims

CVS, Walmart, Walgreens agree to pay $13.8 bln to settle U.S. opioid claims

Nov 2 (Reuters) – CVS Health Corp (CVS.N), Walgreens Boots Alliance Inc (WBA.O) and Walmart Inc (WMT.N) have agreed to pay about $13.8 billion to resolve thousands of U.S. state, local and tribal government lawsuits accusing the pharmacy chains of mishandling opioid painkillers. CVS said Wednesday it had agreed to pay about $5 billion over … Read more

Shanghai food supplier’s books reveal big profits under COVID lockdown

Shanghai food supplier’s books reveal big profits under COVID lockdown

SHANGHAI, Oct 28 (Reuters) – The profitability surge of a Shanghai food supplier seeking a Hong Kong listing, disclosed in an exchange filing, gives a rare peep under the hood into a cohort of Chinese companies that have benefited from President Xi Jinping’s zero-COVID policy. Pang Pang Xiang (China) Company Ltd saw its gross profit … Read more

Credit Suisse seeks billions from investors in make-or-break overhaul

Credit Suisse seeks billions from investors in make-or-break overhaul

ZURICH, Oct 27 (Reuters) – Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients, as the bank attempts to put years of scandals behind it. The Swiss lender outlined on Thursday what its chairman Axel Lehmann … Read more

U.S. Treasury asks major banks if it should buy back bonds

U.S. Treasury asks major banks if it should buy back bonds

Oct 14 (Reuters) – The U.S. Treasury Department is asking primary dealers of U.S. Treasuries whether the government should buy back some of its bonds to improve liquidity in the $24 trillion market. Liquidity in the world’s largest bond market has deteriorated this year partly because of rising volatility as the Federal Reserve rapidly raises … Read more

BlackRock assets fall below $8 tln, profit beats on strong ETF demand

BlackRock assets fall below $8 tln, profit beats on strong ETF demand

Oct 13 (Reuters) – BlackRock Inc (BLK.N) posted a smaller-than-expected drop in quarterly profit on Thursday as strong demand for exchange-traded funds and other low-risk products cushioned the hit to fee income from a global market rout, but its assets under management fell below expectations. The threat of a recession, surging interest rates and the … Read more

Credit Suisse pays down debt to calm investor fears

Credit Suisse pays down debt to calm investor fears

To buy back up to $3 billion in debt Seen as bid to reassure nervous investors Move comes weeks ahead of planned overhaul Shares up as much as 3% in early trade ZURICH, Oct 7 (Reuters) – Credit Suisse (CSGN.S) will buy back up to 3 billion Swiss francs ($3 billion) of debt, the embattled … Read more

Credit Suisse shares slip despite moves to soothe investor concerns

Credit Suisse shares slip despite moves to soothe investor concerns

Credit Suisse caught in market turbulence ahead of revamp Shares fell as much as 10% in early trading on Monday Bank’s euro-denominated bonds reach record lows Swiss bank says its capital, liquidity are strong ZURICH, Oct 3 (Reuters) – Credit Suisse (CSGN.S) shares slid by as much as 10% on Monday, reflecting market concerns ahead … Read more

Porsche debuts with $72 bln price tag in bumper IPO

Porsche debuts with $72 bln price tag in bumper IPO

FRANKFURT, Sept 29 (Reuters) – Porsche AG made its debut on the stock market on Thursday, with a price tag of about 75 billion euros ($72.45 billion) after Volkswagen (VOWG_p.DE) priced shares at the top end of the range, braving turbulent market conditions. The bumper flotation, expected to generate around 19.5 billion euros ($19.0 billion), … Read more