05252016Wed
Last update: Wed, 25 May 2016 11pm

Business & Finance - Banking & Finance

Credit Suisse names Patry vice chair of LevFin capital markets NEW YORK: Credit Suisse named Brent Patry vice chairman, acquisition and leveraged finance capital markets, according to sources. In the new role, Patry, who was previously head of US leveraged finance capital markets, will work to coordinate between the global markets unit and the investment banking and capital markets unit of Credit Suisse, the sources said. Patry, who is based in New York, reports to David Miller, co-head of Credit Suisse's credit products business. In addition, as part of the effort to partner with the investment banking and capital markets unit to "foster origination of capital markets product," Patry will also have a "dotted line" to Harold Bogle, chairman of investment banking and capital markets, the sources said, citing an internal memo. A Credit Suisse spokesperson confirmed the contents of the memo. Copyright Reuters, 2016


Business & Finance - Industries & Sectors

Alstom sues GE for breach of train signal sales contract NEW YORK: French rail transport company Alstom SA has filed a US lawsuit accusing General Electric Co of breach of contract related to last November's sale of the American industrial conglomerate's train-signaling business. According to a complaint made public on Tuesday night in US District Court in Manhattan, Alstom and GE have been unable to resolve disputes over whether the $800 million purchase price should be adjusted, up or down, to account for working capital ...

Business & Finance - Managed Funds

US bond prices flat ahead of 5-year note sale NEW YORK: US Treasury prices were little changed on Wednesday, paring initial losses, in advance of a $34 billion auction of five-year notes following Tuesday's stellar two-year debt sale. Short- and medium-term yields touched 10-week highs in earlier trading, as further gains on Wall Street and growing bets on a possible Federal Reserve rate increase this summer reduced demand for US government debt. The decline in US bond prices was limited by expectations of solid ...

Business & Finance - Industries & Sectors

Bayer could get ECB financing for Monsanto bid, rules show FRANKFURT: Bayer could receive financing from the European Central Bank that would help to fund a takeover of Monsanto, according to the terms of the ECB's bond-buying programme. US-based Monsanto, the world's largest seed company, turned down Bayer's $62 billion bid on Tuesday, but said it was open to further negotiations. The ECB can buy bonds issued by companies that are based in the euro area, have an investment-grade rating and are not banks, provided ...

Business & Finance - Industries & Sectors

Telecom Italia investors defy critics and back CEO pay package ROZZANO: Telecom Italia's shareholders backed a special award plan for its new Chief Executive Flavio Cattaneo and other top managers on Wednesday, despite wider investor criticism of excessive boardroom pay. Cattaneo is set to be paid 1.4 million euros ($1.6 million) annually under the Italian firm's remuneration plan and get a bonus worth between 50-150 percent of his salary if Telecom Italia reaches its business plan goals.Investors also backed a special award plan that could ...

Business & Finance - Industries & Sectors

Netflix, Amazon face quotas for European movies BRUSSELS: US firms like Netflix, Amazon and Apple face quotas for European movies and television shows under EU proposals unveiled Wednesday that also aim to lift cross-border barriers for Internet shoppers.The proposals are the latest step towards what Brussels calls a digital single market, in which the European Union's 500 million people will no longer be blocked from buying goods and services more cheaply abroad online."We have a European film culture and we think European ...

Business & Finance - Banking & Finance

BoE policymaker says UK banks stuck on tundra until they change LONDON: Britain's banks are stuck on a cold "tundra" of flagging financial returns and failure to tackle structural problems like overpaid investment bankers and a lack of trust, a senior Bank of England policymaker said on Wednesday. Martin Taylor, a member of the BoE's Financial Policy Committee which sets the regulatory tone for supervising banks, said lenders may be pursuing "unsustainably" high returns on equity of 10-15 percent at a time of low interest rates. ...