HONG KONG, March 24 Reuters Wealth management firms are expanding operations aggressively in Hong Kong to meet pentup demand from rich Chinese individuals looking to invest more money overseas after three years of COVID19 curbs, industry sources said. High and ultrahigh net worth families in China are seeking to diversify their investments as they are […]

HONG KONG, March 23 Reuters China Evergrande Group39;s offshore debt restructuring proposal, a test of investor sentiment towards the cashsqueezed property sector, failed to impress because of its long repayment period and lack of enough sweeteners, creditors and analysts said. Evergrande is the world39;s most indebted developer with around 300 billion in liabilities. Its offshore debt restructuring, […]

FRANKFURT, March 23 Reuters Lloyd39;s of London SOLYD.UL swung to a pretax loss in 2022 and took writedowns on its fixedincome investments, it said on Thursday. The pretax loss was 800 million pounds 982.56 million, compared with a profit of 2.3 billion pounds a year earlier. Rising interest rates have hit investments at many financial […]

March 23 Reuters Accenture Plc lowered its annual revenue and profit forecasts and decided to cut about 2.5 of its workforce, or 19,000 jobs, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services. More than half of the jobs to be cut will be in its nonbillable corporate […]

TOKYO, March 23 Reuters Toshiba Corp39;s board on Thursday accepted a buyout offer from a group led by private equity firm Japan Industrial Partners JIP, ending months of speculation over whether the investors would be able to take it private. The deal would potentially draw a line under the Japanese conglomerate39;s recent troubled history. Here is a timeline […]

ZURICH, March 23 Reuters Switzerland39;s financial market regulator FINMA defended its decision to impose steep losses on some of Credit Suisse bondholders on Thursday, saying the decision was legally watertight. On Sunday, Switzerland announced a multibillion franc rescue of Credit Suisse, which will see it taken over by UBS. As part of that deal the Swiss regulator […]

ZURICH, March 22 Reuters Swiss agrichemicals and seeds group Syngenta on Wednesday reported a 25 drop in fourth quarter earnings due to higher raw materials and energy costs. Syngenta, which plans to list within the next few months, also spent more on reorganising its business and set cash aside to cover macroeconomic uncertainties such as […]

March 22 Reuters UBS Group said on Wednesday it would buy back 2.75 billion euros 2.96 billion worth of debt it issued less than week ago, seeking to boost confidence among investors rattled by its 3 billion rescue of rival Credit Suisse at the weekend. The bonds in question, senior unsecured bailin notes that were issued […]

LISBON, March 21 Reuters Portuguese airline TAP swung to a profit in 2022, earlier than expected in its restructuring plan, as rising revenue and lower staff costs offset soaring fuel prices, the stateowned company said on Tuesday. TAP said it made a net profit of 65.6 million euros 70.4 million in 2022 compared with a […]

ESSEN, Germany, March 21 Reuters RWE, Germany39;s biggest utility, pledged a higher dividend and more investments on Tuesday to expand its core renewables business, boosting its shares in premarket trade. RWE has been relatively shielded from the energy crisis that gripped Europe last year, mainly due to its low exposure to Russian fuel imports, and […]