In a statement, the Europe, Middle East and Africa head of Citigroup said, the bank is planning to hire more bankers in Saudi Arabia for its direct custody business. The development comes in the wake of Citigroup adding more than… Read More ›
Economy & Finance
China’s central bank skips open market operations, makes biggest cash drain since Feb. 21
On Friday the People’s Bank of China (PBOC) skipped open market operations making the biggest weekly net fund drain in four and a half months. In a statement on its website, the PBOC said, the move was due to “relatively… Read More ›
European Union’s First Chamber of the Court of Justice rules against BlackRock on VAT exemption
On Thursday, the European Union’s First Chamber of the Court of Justice ruled that BlackRock is not exempt from paying value added tax (VAT) on part of a service from an outside supplier to help manage its funds. BlackRock, the… Read More ›
Power utility PG&E emerges from Chapter 11 bankruptcy proceedings
PG&E Corp has emerged from Chapter 11 bankruptcy proceedings marking an end to a long-drawn restructuring process which began after its equipment sparked some of the deadliest wildfires in California. Thanks to a state-backed fund, PG&E managed to get out… Read More ›
China’s Factory Activity For June Quickens But Exports Dragged Due To Pandemic
While the June numbers for factory activity of China were encouraging and was better than expected, fueling hopes for a fast economic recovery globally and domestically. However, the Chinese economy will however be dragged for some time because of the… Read More ›
Hong Kong’s special status under U.S. law being withdrawn: U.S. Commerce Department
With China imposing its draconian security law in Hong Kong in violation of a prior agreement, on Monday the Trump Administration began taking steps to eliminate Hong Kong’s special status under U.S. law; it is also halting defense exports and… Read More ›
BP To Sell Its Petrochem Business For $5 Bln As It Transition To Low Carbon Energy
The global petrochemicals business of British Petroleum (BP) will be sold to billionaire Jim Ratcliffe’s Ineos for $5 billion, the company said. With this deal the energy major will be completely exiting a sector that is widely viewed to be… Read More ›
EU To Examine Role Of Germany’s Financial Watchdog Over Wirecard Collapse
The role of the German regulators in the accounting scandal and the ultimate collapse of the country’s fintech giant Wirecard will be looked into by European Union officials. Specifically, the extent to which the regulators were aware of the development… Read More ›
Administrators Called In By UK Shopping Centre Giant Intu
Administrators have been called in by Intu, the owner of some of the biggest shopping centres of the United Kingdom. No agreement had been reached in its negotiations about financial restructuring with its lenders, the company said previously. the company… Read More ›
Coty inc buys 20% stake in Kim Kardashian West’s KKW makeup brand
On Monday, cosmetic seller Coty Inc stated, it has agreed to purchase a 20% stake in reality TV star Kim Kardashian West’s makeup brand KKW for $200 million. With the news reaching the market, its shares went shooting up by… Read More ›
manageria.biz 