05042016Wed
Last update: Wed, 04 May 2016 11am

Business & Finance - Banking & Finance

Italian subordinated bonds take knock after Vicenza flop LONDON: Italian banks' subordinated debt took a hit on Tuesday as the after-effects of the failed Vicenza IPO started to filter through to the debt markets. A 200m 9.5% 2025 Tier 2 bullet from Banca Popolare di Vicenza has lost over three points since the end of last week and was quoted at a 92.56 cash price on Tuesday, according to Eikon. A 200m 9.5% Tier 2 2025 deal callable in 2020 from Veneto Banca has not fared much better, dropping from 92.8 at the open to 90.1 by lunchtime. Popolare di Vicenza's 1.5bn share issue failed to gain traction with private investors buying only 7.7% of the shares, leaving Atlante, Italy's bank rescue fund, to purchase the remainder. "This is a bit scary," said a syndicate banker. "This fund was created to deal with Italy's non-performing loan problem. However, with what they've spent on Vicenza and what they will ...


Business & Finance - Industries & Sectors

Self-Destructing messages coming soon on Facebook Messenger As user privacy is becoming the top priority in the tech world, just days ago the one billion user boasting WhatsApp launched the end-to-end encryption. The social media platform, Facebook is also looking set to appeal the privacy minded users and is planning to launch a new feature for its Messenger app, which allows user send self-destructing messages through it. According to Venture Beat, the latest upgrade were revealed through a Twitter account @iOSAppChanges, which ...

Business & Finance - Industries & Sectors

Johnson & Johnson to pay $55mn over cancer causing talcum powder Johnson & Johnson, the US based pharmaceutical and consumer packaged goods maker suffered another costly court loss, over claims that the company’s talcum powder causes cancer.According to CNN, Gloria Ristesund was awarded $55 million in damages by a jury in St. Louis, Gloria used Johnson & Johnson's talcum powder for more than 35 years before she was diagnosed with ovarian cancer in 2011. The lawyers representing Gloria Ristesund were of the view that Johnson & ...

Business & Finance - Banking & Finance

ANZ Bank profit slumps, repositions for future SYDNEY: ANZ Bank's interim net profit slumped 22 percent Tuesday on the back of impairment and restructuring charges, but the result was welcomed by the market as the lender repositions for a challenging future.The Australia and New Zealand Banking Group's result for the six months to March 31 came in at Aus$2.73 billion (US$2.0 billion), while cash profit, which strips out one-off and other items, was Aus$2.78 billion.The drop was largely down to Aus$717 million ...

Business & Finance - Industries & Sectors

Philips says to spin off lighting branch in 'historic' IPO THE HAGUE: Electronics giant Philips announced Tuesday it was floating its lighting arm on the stock market in a "historic" initial public offering, aiming to spin off at least a quarter of the division's shares."The offering would consist of a sale of existing shares only held by Royal Philips, the current sole shareholder of Philips Lighting. The offering and listing, and their timing, are subject to, among other factors, market conditions," the Amsterdam-based Philips said ...

Business & Finance - Banking & Finance

UBS posts Q1 profit slump, but net new client assets well ahead of f'cast ZURICH: Swiss bank UBS kicked off 2016 with a near two-thirds drop in net profit after a tough quarter for investment banking, plagued by volatile markets, which has also cut into earnings at US rivals. UBS, Switzerland's biggest bank and the world's largest wealth manager, said on Tuesday net profit for the first three months of 2016 tumbled to 707 million Swiss francs ($741.2 million).This was roughly in line with the average estimate of 704 ...

Business & Finance - Banking & Finance

Economic recovery helps BNP Paribas buck trend with net profit rise PARIS: BNP Paribas said first-quarter net income rose 10.1 percent as lower provisions for bad loans on the back of a gradual economic recovery in Europe helped offset a slump in its corporate and institutional bank, hit by market volatility. BNP Paribas' net income of 1.814 billion euros ($2.09 billion) beat the average estimate in a Reuters poll of analysts, as did revenue, which slipped 2 percent to 10.844 billion. The profit rise bucked the ...