12062016Tue
Last update: Tue, 06 Dec 2016 07am

Business & Finance - Banking & Finance

Morgan Stanley shuffles wealth and securities executives NEW YORK: Morgan Stanley has moved three executives into new roles in wealth management and institutional securities as part of its effort to get those two businesses to produce more revenue by collaborating, according to an internal memo viewed by Reuters. Andy Saperstein, head of investment products and services in the wealth management business, will become co-chief operating officer of institutional securities, according to the memo sent by Chief Executive James Gorman. Raj Dhanda, currently co-head of global capital markets, will take over Saperstein's role, and Mo Assomull, now co-COO of institutional securities, will take over Dhanda's current role. Gorman said the moves reflect Morgan Stanley "cross-pollinating key leaders across our major businesses" to build one cohesive culture. Since buying the Smith Barney business from Citigroup Inc , Morgan Stanley has been trying to squeeze more revenue out of its two major businesses by getting wealth clients to use investment ...


Business & Finance - Industries & Sectors

Telecom Italia seeks up to 2bn euros in equity-linked bond issue MILAN: Telecom Italia SpA has launched an offering of unsecured equity-linked bonds, seeking up to 2 billion euros ($2.1 billion) to help fund a recently announced investment plan.The heavily indebted Italian phone group said last month it would spend 14.5 billion euros in the next three years on laying more fibre optic cables in Italy and upgrading its mobile network in Brazil. Telecom Italia also said on Thursday it will convene a shareholders' meeting to ...

Business & Finance - Managed Funds

Irish debt at negative yields for first time ever DUBLIN: Eurozone member Ireland on Thursday auctioned short-term public debt at a negative yield for the first time as the European Central Bank's stimulus programme drives down borrowing costs across Europe. The National Treasury Management Agency sold 500 million euros ($532.77 million) of six month treasury bills at a yield of minus 0.01 percent.Negative yields mean investors will pay to lend money to those seeking cash. But they can still make money should for example ...

Business & Finance - Industries & Sectors

Lufthansa cancels 700 flights Friday due to pilots' strike BERLIN: German airline Lufthansa said Thursday it expects to cancel 700 short- and medium-haul flights on Friday as its pilots stage a walkout for the third consecutive day.The pilots' union Vereinigung Cockpit "has called another strike for tomorrow on short- and medium-haul flights. That is the third strike in three days," Lufthansa said in a statement. "As a result, we will cancel 50 percent of all 1,400 flights scheduled for tomorrow, affecting 84,000 passengers." In ...

Business & Finance - Banking & Finance

Bank of England chief economist flags chance of interest rate cut LONDON: The Bank of England should be ready to cut interest rates to a record low if needed to stop inflation falling further than expected below target, the central bank's chief economist said on Thursday.Andy Haldane's views may come as a surprise to many BoE watchers. Last month the bank Monetary Policy Committee's policy minutes reported that one unnamed policymaker shared this view.But Governor Mark Carney subsequently dismissed the case for a cut in rates ...

Business & Finance - Banking & Finance

US Fed awards $75bn 14-day reverse repos NEW YORK: The Federal Reserve on Thursday awarded $75 billion of 14-day fixed-rate reverse repurchase agreements to 52 bidders at an interest rate of 0.09 percent, the Federal Reserve Bank of New York said on its website.Sixty bidders including money market funds and mortgage finance agencies submitted $80.95 billion in bids for the term reverse repos with interest rates ranging from 0.05 percent to 0.10 percent.Copyright Reuters, 2015

Business & Finance - Banking & Finance

Bank borrowing in ECB loan programme beats expectations FRANKFURT: The European Central Bank pumped more than twice the expected liquidity into the financial system Thursday via private-sector loans, data showed.The Frankfurt-based central bank said 143 banks had borrowed 97.8 billion euros ($104 billion) under the third round of a lending programme aimed at boosting the moribund eurozone economy and halting a stubborn slowing of inflation.The amount borrowed was double the forecasts of analysts who had pencilled in only a very modest uptake of ...