10012016Sat
Last update: Sat, 01 Oct 2016 06pm

Business & Finance - Banking & Finance

UniCredit considers share, asset sales worth 15-16bn euros MILAN: Italian bank UniCredit is looking to raise as much as 16 billion euros ($18 billion) via a share issue and asset sales that are likely to include online broker FinecoBank, two sources familiar with the matter said. Italy's biggest bank by assets has started gathering offers for its Pioneer asset management arm and is in talks with Poland's PZU to sell a 40 percent stake in Bank Pekao as it seeks to limit the size of a multi-billion share sale.UniCredit's capital ratios lag those of several peers and will be further eroded by the planned sale of a large chunk of its 51 billion euro portfolio of loans to insolvent borrowers. One of the sources said the bad loan sale was crucial in determining the size of UniCredit's capital needs - as loans are generally sold below their book value, forcing a loss on the seller.The Italian press has ...


Business & Finance - Banking & Finance

Euro zone faces trap of low growth and low rates FRANKFURT: The euro zone risks falling into a trap of low growth and low interest rates unless governments stop relying on the European Central Bank to lift the economy and start playing their part, ECB Executive Board member Benoit Coeure said on Monday. Coeure said the ECB's ultra loose monetary policy was built on the explicit assumption that others would also provide support and their lack of action raises the prospect that interest rates would ...

Business & Finance - Industries & Sectors

Hyundai car workers start first full strike in 12 years SEOUL: Tens of thousands of unionised workers at South Korea's Hyundai Motor staged their first full strike on Monday for more than a decade after negotiations over a wage increase stalled. Nearly 50,000 workers at Hyundai Motor's three plants across the country -- including the main one in the southern city of Ulsan -- walked off the job throughout Monday, said a spokesman for its labour union. The day-long stoppage is the first full strike ...

Business & Finance - Banking & Finance

Ex-IMF boss Rato on trial over bankers' luxury sprees SAN FERNANDO DE HENARES: Former IMF chief Rodrigo Rato went on trial Monday accused of overseeing a "corrupt system" that helped him and other executives misuse funds when he was the boss of two of Spain's top banks.Protesters shouted "thief" and "fraud" at the former economy minister and deputy prime minister as he arrived at the courthouse outside Madrid.Rato is standing trial with 64 other former executives and board members at Caja Madrid and Bankia, ...

Business & Finance - Banking & Finance

Deutsche Bank shares hit historic low as bad news piles up FRANKFURT: Shares in Deutsche Bank, Germany's biggest lender, hit a record low on Monday after reports at the weekend that Berlin had refused state aid for the embattled lender.The sell-off saw shares plunge by more than 5.7 percent by just after 1100 GMT to stand at 10.75 euros ($12.08), making it the DAX 30's worst performer. At one point in the session, Deutsche Bank shares stood at 10.63 euros, a historic low."Given the state of ...

Business & Finance - Banking & Finance

How Russia's central bank chief held the line MOSCOW: One Thursday evening in March, Elvira Nabiullina, governor of Russia's central bank, faced down a rival in the struggle for influence inside President Vladimir Putin's entourage. At a meeting chaired by Putin, Economy Minister Alexei Ulyukayev sought the president's blessing for the central bank to give 140 billion roubles ($2.2 billion) to lenders, according to a person who was briefed on the meeting by Nabiullina.Banks would use the extra money, Ulyukayev argued as he ...

Business & Finance - Managed Funds

JGBs yield curve steepens ahead of 40-year JGB auction TOKYO: Japanese government bonds yield curve steepened slightly on Monday as long-dated debt yields rose ahead of an auction the next day while those on the shorter-end dipped.Trading was quiet, however, ahead of a U.S. Presidential election debate due later in the day and with many Japanese market players on the sidelines ahead of their half-year book closing on Sept 30.The 30-year JGB yield rose 2.5 basis points to 0.490 percent while the 40-year JGB ...