Analysis: As British lender HSBC considers Canada unit sale, antitrust issues loom

Analysis: As British lender HSBC considers Canada unit sale, antitrust issues loom

TORONTO, Oct 5 (Reuters) – As British lender HSBC Plc explores a potential sale of its Canadian unit, lawyers and analysts say the country’s concentrated banking market could discourage big domestic banks from bidding as the government has charged the antitrust regulator to push for more competition. An HSBC deal would be the first big … Read more

Analysis: UK bond market crash takes shine off Big Bang plans for London

LONDON, Oct 4 (Reuters) – Britain’s new Prime Minister Liz Truss promised to “unshackle” the City of London to fuel growth, but crashing the bond market over tax cuts will take the shine off her “Big Bang” plan for financial services. Markets took fright last month when UK finance minister Kwasi Kwarteng unveiled plans to … Read more

Italy’s MPS commits to disposals as it works to secure investors

EU publishes decision on new deadline, turnaround goals MPS says plan progressing on schedule Aims to clinch deal with cash call investors this week – sources MILAN, Oct 3 (Reuters) – New restructuring commitments agreed by Italy and the European Union over state-owned bank Monte dei Paschi di Siena (MPS) (BMPS.MI) include disposals worth up … Read more

Analysis: Under water: how the Bank of England threw markets a lifeline

Bank of England bought bonds after pension fund pleas Some UK pension funds faced problematic margin calls BoE support seen as giving window to build collateral British government’s unfunded tax plan spooked markets LONDON/NEW YORK, Oct 2 (Reuters) – Calls to the Bank of England saying some British pension funds were struggling to meet margin … Read more

Intel’s Mobileye files for listing in first sign of thawing tech IPO market

Sept 30 (Reuters) – Intel Corp’s (INTC.O) self-driving unit Mobileye on Friday unveiled its filing for a US initial public offering, testing support for a high profile stock debut even as the market for new issues has virtually collapsed. The tech IPO market globally is in the middle of its worst drought in nearly two … Read more

US says oil companies ‘must do more’ to build domestic fuel levels

HOUSTON, Sept 30 (Reuters) – US fuel supplies are “unacceptably” at or near 5-year lows amid hurricane threats and the oil industry must do more to address prices and demand, a Department of Energy spokesperson said on Friday. The spokesperson was commenting on a report that the chief executive of Exxon Mobil Corp (XOM.N), the … Read more

India market regulator mandates enhanced disclosure norms for IPO-bound tech cos

MUMBAI, Sept 30 (Reuters) – India’s market regulator on Friday mandated enhanced disclosure norms for IPO-bound companies amid concerns that traditional financial disclosures were inadequate for some firms that typically remain loss making for a longer period. The Securities and Exchange Board of India said after a meeting of its board that companies would have … Read more

There is a risk that UK ends up in a “doom loop” – economist Julian Jessop.

LONDON, Sept 28 (Reuters) – Economist Julian Jessop warned on Wednesday that Britain’s economy could end up in a “doom loop” of falling currency and rising interest rates, but stressed that he believed recent market moves had been an over reaction. Jessop provided informal advice to now Prime Minister Liz Truss during her leadership campaign … Read more

Profit at Berlusconi-backed MediaForEurope down 44% as advertising sales flatten

MILAN, Sept 28 (Reuters) – Italy’s top commercial broadcaster MediaForEurope (MFE) (MFEB.MI) on Wednesday reported a 44% fall in first-half operating profit on the back of flat advertising sales and rising energy costs. Owned by the family of former Italian Prime Minister Silvio Berlusconi, MFE said its earnings before interest and tax (EBIT) fell to … Read more

UK Labor Party pledges to set up public energy company if elected

LIVERPOOL, England, Sept 27 (Reuters) – Britain’s opposition Labor Party would set up a publicly-owned energy company within a year of coming to power if it wins the next election, leader Keir Starmer said on Tuesday, saying it would lower bills and help deliver energy independence. Starmer said that a publicly-owned company would help ensure … Read more