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China’s Pandemic Quarantine Policies May Put Global Economy at Risk
China’s strict COVID-19 isolation policy could cause more trouble than investors may think, global economists predict, according to CNN. The nearly 400 million people locked down in 45 cities nationwide represent 40% or $7.2 trillion of China’s annual gross domestic product, according to data from Nomura Holdings...
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Bank of America Execs Remain Bullish After First-Quarter Profit Loss
With Bank of America’s first-quarter profit loss less than expected, executives are maintaining a bullish outlook heading into spring. "Could a slowdown in the economy happen? Perhaps. But right now, the size of the economy is bigger than pre-pandemic levels...
Société Générale Makes Clean Exit From Russia, Selling Rosbank Unit
French bank Société Générale has cut ties with Russia, selling off its Rosbank operation to a firm with oligarch connections. In leaving the country, Société Générale will lose €3.1 billion, or $3.3 billion, in the sale to Interros Capital...
Epic Games Gets $2 Billion Investment From Sony and Lego
Fortnite maker Epic Games has raised $2 billion in funding from Sony and Lego, giving the video game and software developer a $31.5 billion valuation. Each company will provide $1 billion, Lego’s share coming from KIRKBI, the family-owned investment company behind the iconic toy company...
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U.S. Banks are Eyeing Easy Money Following Russia’s Invasion of Ukraine
As the sell-off of Russian debt continues, U.S. banks are buying cheap Russian government or corporate bonds and credit-default swaps, which act as insurance on a borrower’s potential default. Called a negative-basis trade, such a purchase typically makes little sense...
Bank Earnings Expected to Fall Despite Rate Boost
Bank profits are expected to fall by 8% in 2022, with financial challenges mitigating the effects of higher interest rates, according to S&P Global Market Intelligence. Earnings were boosted in 2021 by the release of reserves...
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Morgan Stanley Makes Inroads Into Burgeoning Family Office Market
Morgan Stanley’s efforts to tap into the $5.5 trillion family office market are showing signs of paying off, as the bank’s suite of products dedicated to the fast-growing wealth management firms have brought in $25 billion in assets since January...
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AMD to Buy Pensando For $1.9 Billion
Semiconductor company Advanced Micro Devices (AMD) announced in early April that it will purchase distributed services platform maker Pensando in a $1.9 billion deal, excluding working capital and other adjustments. The sale is expected to close in the second quarter...
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Nielsen Agrees To $16 Billion Acquisition
A private equity group will acquire the iconic audience measurement company Nielsen Corporation in an all-cash deal worth $28 per share, or $16 billion, including assumption of debt, the company reported in late March...
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Deutsche Bank Forecasts ‘Mild’ Recession In 2023
Efforts by the Federal Reserve to combat inflation may cause a “mild” recession late next year, according to a Deutsche Bank report written earlier this month. Bank economists cautioned, though, that the downturn would not be as severe as the previous two...
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Hertz Appoints Scott M. Haralson as Chief Financial Officer
Hertz Global Holdings, a prominent global rental car company, has announced the appointment of Scott M. Haralson as Chief Financial Officer. "His deep expertise in financial management and leveraging the capital markets to drive business transformation will be invaluable to Hertz as we rotate our fleet, deliver operational excellence, build greater cost discipline and undertake other key initiatives to improve our financial performance", stated Hertz CEO Gil West...
Navan Appoints Amy Butte as Chief Financial Officer
Navan, the comprehensive super app simplifying travel and expense management, announced the appointment of Amy Butte as Chief Financial Officer effective June, 2024. Butte, who joined Navan's Board of Directors in April 2024, has resigned from her role as Audit Committee Chair to assume this executive position...