05272016Fri
Last update: Fri, 27 May 2016 01am

Business & Finance - Banking & Finance

Deutsche Bank needs BASF to spare its M&A blushes LONDON: Deutsche Bank's recent failings in mergers and acquisitions could do with some BASF fertilisation. Germany's biggest lender has so far failed to win a role on potentially the country's largest deal - the $62 billion offer by national champion Bayer for agrochemicals peer Monsanto . To spare its blushes, Deutsche sorely needs to advise BASF on a successful counterbid. The decline of Deutsche's corporate finance franchise is evident in the league tables.The bank is ranked a lowly 13th in terms of announced global deals for the year to date - down six places from the same period in 2015, Thomson Reuters data shows. It's also losing clout in its vital home market: it has only managed to advise on just over a fifth of tie-ups involving German companies. In 2014, it bagged mandates on more than half.This slippage could be temporary. Deutsche is a bank in transition, with a ...


Business & Finance - Banking & Finance

Bank of America wins reversal of $1.27 billion penalty in US mortgage case NEW YORK: A US appeals court on Monday overturned a jury's finding that Bank of America Corp was liable for mortgage fraud leading up to the 2008 financial crisis, tossing a $1.27 billion penalty and dealing the US Justice Department a major setback. The 2nd US Circuit Court of Appeals in New York ruled that the proof was insufficient under federal fraud statutes to establish liability in connection with a mortgage program called "Hustle" run ...

Business & Finance - Industries & Sectors

Bayer defies critics with $62 billion Monsanto offer FRANKFURT: German drugs and crop chemicals group Bayer has offered to buy US seeds company Monsanto for $62 billion in cash, defying some of its own shareholders in a bid to grab the top spot in a fast-consolidating farm supplies industry. Monsanto Co's stock rose 5 percent to $106.61 by midday trade on the New York Stock Exchange - well below Bayer's offer price, in a sign that it faces a tough task convincing the ...

Business & Finance - Industries & Sectors

Novartis sticks to $200 million FY Entresto f'cast after recommendation ZURICH: Novartis on Monday stuck to its full-year forecast of $200 million in revenue from its new heart failure medicine Entresto "as of right now", even as analysts raised their estimates following an endorsement in global medical guidelines. "We're confident in the forecast we've laid out in the first-quarter call," Chief Medical Officer Vas Narasimhan said in an interview. "As of right now, there's no changes to the outlook but we are also extremely confident ...

Business & Finance - Industries & Sectors

Versace names former head of Alexander McQueen as new CEO MILAN: Italian fashion house Versace named the former head of British brand Alexander McQueen as its new chief executive, in an unexpected move ahead of a planned stock market listing against a backdrop of slowing luxury industry growth. Jonathan Akeroyd will take over from Gian Giacomo Ferraris who has led family-owned Versace since 2009 and is credited with relaunching the group after it averted bankruptcy in 2004. The brand famous for its Medusa head logo ...

Business & Finance - Banking & Finance

US Fed awards $78.11 billion in reverse repos NEW YORK: The US Federal Reserve on Monday awarded $78.11 billion of one-day, fixed-rate reverse repurchase agreements to 38 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. It was the biggest award since $89.12 billion to 44 bidders on April 1. On Friday, the Fed allotted $60.34 billion in three-day reverse repos to 28 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, ...

Business & Finance - Managed Funds

Short-dated US yields edge up on rate-hike bets NEW YORK: Short-dated US Treasury yields rose on Monday, with the two-year yield hovering at its highest in two months, as traders bet the Federal Reserve may raise interest rates as early as June if the economy shows further improvement.This view on a looming rate hike was reinforced by comments from top Fed officials following the release of minutes on the central bank's April policy meeting last Wednesday. The record of the meeting surprised investors ...