Singapore bank expects China slowdown to hit growth in loans

The economic slowdown in China will affect Oversea-Chinese Banking Corp’s ability to grow its loans business this year, the lender’s chief executive said on Friday. OCBC, the second-largest Singaporean bank by assets, reported a 9 percent increase in customer loans in 2018. That growth rate is expected to moderate this year amid greater uncertainties in China and globally, said its CEO Samuel Tsien. Last year’s loan growth was 9 percent, we expect this year’s to slow down to low- to middle-singl


The economic slowdown in China will affect Oversea-Chinese Banking Corp’s ability to grow its loans business this year, the lender’s chief executive said on Friday. OCBC, the second-largest Singaporean bank by assets, reported a 9 percent increase in customer loans in 2018. That growth rate is expected to moderate this year amid greater uncertainties in China and globally, said its CEO Samuel Tsien. Last year’s loan growth was 9 percent, we expect this year’s to slow down to low- to middle-singl
Singapore bank expects China slowdown to hit growth in loans Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: yen nee lee, nicky loh, bloomberg, getty images
Keywords: news, cnbc, companies, china, loans, market, reported, slowdown, singapore, bank, 2018, growth, net, expects, profit, expect, hit


Singapore bank expects China slowdown to hit growth in loans

The economic slowdown in China will affect Oversea-Chinese Banking Corp’s ability to grow its loans business this year, the lender’s chief executive said on Friday.

OCBC, the second-largest Singaporean bank by assets, reported a 9 percent increase in customer loans in 2018. That growth rate is expected to moderate this year amid greater uncertainties in China and globally, said its CEO Samuel Tsien.

“Despite that there’s a slowdown, the market is still growing … We still expect that the market will offer us opportunities to continue to grow as we have done in the past,” Tsien told CNBC’s Martin Soong when asked about the impact of China’s slowdown.

“I do expect that our loan growth for this year will be lower than that we saw last year. Last year’s loan growth was 9 percent, we expect this year’s to slow down to low- to middle-single digit,” he said, after the bank reported its full-year earnings.

The Greater China region was the second-largest profit contributor for OCBC in 2018, after its home market Singapore. The region accounted for 19 percent of the bank’s overall profit before tax last year and about 25 percent of its total customer loans.

OCBC rounded up the earnings release of the three Singapore-listed banks. The lender reported an 11 percent fall in net profit last year.

In contrast, OCBC’s smaller peer United Overseas Bank announced on the same day an 18 percent increase in annual net profit, while Singapore’s largest bank DBS Group Holdings said on Monday its net profit for 2018 rose 28 percent from the previous year.

Shares of OCBC declined by close to 2 percent in Friday trading, while UOB fell by nearly 2 percent and DBS inched up close to 1 percent.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: yen nee lee, nicky loh, bloomberg, getty images
Keywords: news, cnbc, companies, china, loans, market, reported, slowdown, singapore, bank, 2018, growth, net, expects, profit, expect, hit


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Malaysia’s consumer prices fall for the first time since 2009

Malaysia’s consumer prices fell for the first time in nearly a decade in January, on the back of lower fuel costs, but economists say deflation is unlikely to be sustained and would not lead to any change in monetary policy. The consumer price index fell 0.7 percent in January from a year earlier, the first decline since November 2009 when it fell 0.1 percent. The transport sector index fell 7.8 percent from a year earlier in January, data from the Statistics Department showed. The decline, howe


Malaysia’s consumer prices fell for the first time in nearly a decade in January, on the back of lower fuel costs, but economists say deflation is unlikely to be sustained and would not lead to any change in monetary policy. The consumer price index fell 0.7 percent in January from a year earlier, the first decline since November 2009 when it fell 0.1 percent. The transport sector index fell 7.8 percent from a year earlier in January, data from the Statistics Department showed. The decline, howe
Malaysia’s consumer prices fall for the first time since 2009 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: goh seng chong, bloomberg, getty images
Keywords: news, cnbc, companies, 2009, inflation, unlikely, prices, fall, malaysias, bank, fell, malaysia, tax, consumer, decline, index, monetary


Malaysia's consumer prices fall for the first time since 2009

Malaysia’s consumer prices fell for the first time in nearly a decade in January, on the back of lower fuel costs, but economists say deflation is unlikely to be sustained and would not lead to any change in monetary policy.

The consumer price index fell 0.7 percent in January from a year earlier, the first decline since November 2009 when it fell 0.1 percent. A Reuters poll had forecast a drop of 0.2 percent.

Price pressures have moderated since the government withdrew an unpopular consumption tax in June 2018 and reinstated a narrower sales and services tax (SST) three months later.

Annual inflation in November and December was 0.2 percent, matching the rate in August when it hit a three-and-a-half-year low.

But the country’s central bank is not expected to cut rates as inflation was likely to pick up in the second quarter of the year, economists said.

January’s decline in the CPI index was driven mostly by a sharp drop in retail fuel prices, after a Malaysian government decision to switch to a weekly managed float mechanism and as global oil prices fell during the month.

“This is probably just temporary and once the base effects subside, we should expect prices to revert back upwards,” said Julia Goh, economist at UOB in Kuala Lumpur.

The transport sector index fell 7.8 percent from a year earlier in January, data from the Statistics Department showed.

The decline, however, was offset by higher prices of food, restaurants and hotels, and education.

The central bank has said Malaysia does not face serious deflationary pressures.

Headline inflation, which came in at 1 percent in 2018, was likely to average higher this year, Bank Negara Malaysia said last week.

“If external conditions deteriorate further, then there is room for monetary easing but that is unlikely to happen this year,” said Irvin Seah, senior economist at DBS in Singapore.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: goh seng chong, bloomberg, getty images
Keywords: news, cnbc, companies, 2009, inflation, unlikely, prices, fall, malaysias, bank, fell, malaysia, tax, consumer, decline, index, monetary


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Societe General plans to cut thousands of jobs at investment bank: Bloomberg

French bank Societe General is planning to cut thousands of jobs at its global banking and investor solutions unit, as it looks to offset cost pressure from regulation, Bloomberg reported on Friday, citing people familiar with the matter. The bank is also looking to find a partner for its cash-equity business, the report added. Societe Generale did not immediately respond to a Reuters request for comment.


French bank Societe General is planning to cut thousands of jobs at its global banking and investor solutions unit, as it looks to offset cost pressure from regulation, Bloomberg reported on Friday, citing people familiar with the matter. The bank is also looking to find a partner for its cash-equity business, the report added. Societe Generale did not immediately respond to a Reuters request for comment.
Societe General plans to cut thousands of jobs at investment bank: Bloomberg Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: antoine antoniol, bloomberg, getty images
Keywords: news, cnbc, companies, bloomberg, regulation, request, reported, societe, general, thousands, bank, solutions, jobs, unit, cut, report, investment, respond, plans


Societe General plans to cut thousands of jobs at investment bank: Bloomberg

French bank Societe General is planning to cut thousands of jobs at its global banking and investor solutions unit, as it looks to offset cost pressure from regulation, Bloomberg reported on Friday, citing people familiar with the matter.

The bank is also looking to find a partner for its cash-equity business, the report added.

Societe Generale did not immediately respond to a Reuters request for comment.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: antoine antoniol, bloomberg, getty images
Keywords: news, cnbc, companies, bloomberg, regulation, request, reported, societe, general, thousands, bank, solutions, jobs, unit, cut, report, investment, respond, plans


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China may be on the cusp of introducing ‘more aggressive’ stimulus measures, economists say

China is on the cusp of using ‘aggressive’ easing policies: Strategist 3:02 AM ET Tue, 19 Feb 2019 | 02:30Chinese authorities could be getting ready to implement more extensive stimulus measures in a bid to encourage growth in the country, according to economists. “I don’t think it’ll be a massive plan or package,” Parry told CNBC’s Squawk Box on Tuesday, adding that he did expect, however, the the central bank will “massage” short-term rates. Under the weight of U.S. tariffs and its own delever


China is on the cusp of using ‘aggressive’ easing policies: Strategist 3:02 AM ET Tue, 19 Feb 2019 | 02:30Chinese authorities could be getting ready to implement more extensive stimulus measures in a bid to encourage growth in the country, according to economists. “I don’t think it’ll be a massive plan or package,” Parry told CNBC’s Squawk Box on Tuesday, adding that he did expect, however, the the central bank will “massage” short-term rates. Under the weight of U.S. tariffs and its own delever
China may be on the cusp of introducing ‘more aggressive’ stimulus measures, economists say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: abigail ng
Keywords: news, cnbc, companies, introducing, aggressive, stimulus, strategist, china, cusp, measures, economists, say, parry, economy, bank, peoples, implement, told


China may be on the cusp of introducing 'more aggressive' stimulus measures, economists say

China is on the cusp of using ‘aggressive’ easing policies: Strategist 3:02 AM ET Tue, 19 Feb 2019 | 02:30

Chinese authorities could be getting ready to implement more extensive stimulus measures in a bid to encourage growth in the country, according to economists.

Three economists and one Hong Kong-based CEO told CNBC in the last week that they anticipate a significant move from the People’s Bank of China in the near future as Chinese officials continue to grapple with a slowing economy and the economic stresses of the ongoing trade war with the United States.

“I really get the feeling that the PBOC is about to turn an inflection point here, and we’re going to actually see a bit more of a stimulus aspect come out,” said Gavin Parry, CEO of financial services company Parry Global Group.

“I don’t think it’ll be a massive plan or package,” Parry told CNBC’s Squawk Box on Tuesday, adding that he did expect, however, the the central bank will “massage” short-term rates.

Under the weight of U.S. tariffs and its own deleveraging efforts, the Asian giant’s economy is weakening. The country’s gross domestic product for 2018 grew at its slowest pace since 1990, while a private survey from December indicated that China’s factory activity had contracted for the first time in 19 months.

Mitul Kotecha, a senior emerging markets strategist at TD Securities, said China has been reluctant to implement “hard and strong” easing measures, despite its economy losing steam, because the government has been concerned about expanding already-high debt levels.

Chinese President Xi Jinping had been trying to reduce his nation’s mountain of debt in recent years, an initiative that appeared to take a backseat when the economy began to falter.

Instead, the People’s Bank of China took action — it injected $83 billion into the country’s banking in a single day last month and cut banks’ reserve ratios at least five times since the beginning of 2018 — in a bid to combat the slowdown. The central bank also used medium-term lending facilities to boost liquidity in the market.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: abigail ng
Keywords: news, cnbc, companies, introducing, aggressive, stimulus, strategist, china, cusp, measures, economists, say, parry, economy, bank, peoples, implement, told


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China’s central bank is said to see benchmark rate cut as the last resort

China’s central bank is not yet ready to cut benchmark interest rates to spur the slowing economy, despite cooling inflation and a stronger yuan, which have fanned market expectations of such a move, policy sources told Reuters. But the People’s Bank of China (PBOC) is likely to cut market-based rates and further lower banks’ reserve ratios (RRR) to boost credit growth and reduce firms’ borrowing costs, according to the sources involved in internal policy discussions. “We cannot rule out a (benc


China’s central bank is not yet ready to cut benchmark interest rates to spur the slowing economy, despite cooling inflation and a stronger yuan, which have fanned market expectations of such a move, policy sources told Reuters. But the People’s Bank of China (PBOC) is likely to cut market-based rates and further lower banks’ reserve ratios (RRR) to boost credit growth and reduce firms’ borrowing costs, according to the sources involved in internal policy discussions. “We cannot rule out a (benc
China’s central bank is said to see benchmark rate cut as the last resort Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: jason lee
Keywords: news, cnbc, companies, reduce, risk, chinas, rate, central, policy, cut, sources, bank, pboc, rrr, resort, rates, benchmark


China's central bank is said to see benchmark rate cut as the last resort

China’s central bank is not yet ready to cut benchmark interest rates to spur the slowing economy, despite cooling inflation and a stronger yuan, which have fanned market expectations of such a move, policy sources told Reuters.

But the People’s Bank of China (PBOC) is likely to cut market-based rates and further lower banks’ reserve ratios (RRR) to boost credit growth and reduce firms’ borrowing costs, according to the sources involved in internal policy discussions.

“We cannot rule out a (benchmark) rate cut, but we still need to watch economic data for a few months,” one said. “There is no sufficient reason for cutting benchmark rates if we look at the huge amount of new loans in January.”

China’s trading partners and major central banks are increasingly concerned over how quickly the world’s second-largest economy is decelerating, with investors asking if Beijing needs to speed up or intensify support measures to reduce the risk of a sharper slowdown.

Analysts polled by Reuters expect China’s official growth rate to cool to 6.3 percent in 2019, a 29-year low, and some believe real activity is already much weaker than government data suggest.

But China watchers note the PBOC has many policy tools to choose from before turning to blunter instruments such as a lending rate cut, which would bring down financing costs across the board but risk adding to a mountain of debt.

More RRR cuts have been widely expected in coming quarters after five over the past year, most recently in January. The PBOC has also been guiding money market rates lower in various ways, and offered a slightly better rate on a new medium-term lending programme launched in January.

The PBOC did not immediately respond to Reuters request for comment.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: jason lee
Keywords: news, cnbc, companies, reduce, risk, chinas, rate, central, policy, cut, sources, bank, pboc, rrr, resort, rates, benchmark


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Apple and Goldman employees will be the first users of a new iPhone-linked credit card

Apple and Goldman Sachs are close to testing a new jointly created credit card that syncs with the iPhone, according to a person with knowledge of the product. It would get a larger slice of so-called swipe fees from the new credit card than it currently takes from card purchases through Apple Pay, according to The Wall Street Journal. Apple engineers have discussed using visualization tools, similar to its fitness app, to help users manage their personal finances, according to the newspaper. Us


Apple and Goldman Sachs are close to testing a new jointly created credit card that syncs with the iPhone, according to a person with knowledge of the product. It would get a larger slice of so-called swipe fees from the new credit card than it currently takes from card purchases through Apple Pay, according to The Wall Street Journal. Apple engineers have discussed using visualization tools, similar to its fitness app, to help users manage their personal finances, according to the newspaper. Us
Apple and Goldman employees will be the first users of a new iPhone-linked credit card Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: hugh son, jaap arriens, nurphoto, getty images
Keywords: news, cnbc, companies, goldman, according, card, employees, companies, wrote, credit, similar, bank, personal, iphonelinked, apple, users


Apple and Goldman employees will be the first users of a new iPhone-linked credit card

Apple and Goldman Sachs are close to testing a new jointly created credit card that syncs with the iPhone, according to a person with knowledge of the product.

The card will be piloted with employees of the two companies in coming weeks, according to the person, who declined to be identified speaking before the product is available.

For both companies, the card represents a step into new territory. Faced with slowing growth in sales of its most popular hardware, Apple is seeking to bolster its revenue from services. It would get a larger slice of so-called swipe fees from the new credit card than it currently takes from card purchases through Apple Pay, according to The Wall Street Journal.

For Goldman, which became a traditional bank after the financial crisis, it’s the latest move to seek more revenue from ordinary consumers. For most of its 150-year history, the firm’s clients were institutional investors, governments and big corporations. In addition to its first credit card, the bank is planning to expand its roster beyond the savings and personal loans it currently offers to include wealth management and insurance products.

The card, which is set to launch to the public later this year, will allow users to manage their spending and rewards though an iPhone app, according to the Journal, which first reported the news.

Apple engineers have discussed using visualization tools, similar to its fitness app, to help users manage their personal finances, according to the newspaper. In concept, it sounds similar to Goldman’s Clarity Money app.

Users will earn 2 percent cash back on purchases and possibly more on Apple products and services, the newspaper wrote. It will run on the Mastercard network.

Goldman hopes to eventually use the card as an entry to pitch its consumer finance products to Apple customers. The companies had discussed plans to have the card be part of a broader personal finance tool, but scuttled the plans after Apple executives expressed privacy concerns with linking to bank accounts, the Journal wrote.

— CNBC’s Michael Sheetz contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: hugh son, jaap arriens, nurphoto, getty images
Keywords: news, cnbc, companies, goldman, according, card, employees, companies, wrote, credit, similar, bank, personal, iphonelinked, apple, users


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Bank analyst Dick Bove says sell Goldman Sachs: ‘Legal issues are just beginning’

Longtime bank analyst Dick Bove warned clients Thursday that Goldman Sachs’s recent troubles in Malaysia are “just the beginning” of its legal woes. The closely followed Bove, who joined broker-dealer Odeon earlier this year, initiated coverage of Goldman Sachs with a sell rating. “It is unclear to us whether Goldman Sachs participated in any inappropriate activities,” Bove wrote. If true, this will lead to meaningful changes in company operations and personnel. Goldman Sachs claims it was the v


Longtime bank analyst Dick Bove warned clients Thursday that Goldman Sachs’s recent troubles in Malaysia are “just the beginning” of its legal woes. The closely followed Bove, who joined broker-dealer Odeon earlier this year, initiated coverage of Goldman Sachs with a sell rating. “It is unclear to us whether Goldman Sachs participated in any inappropriate activities,” Bove wrote. If true, this will lead to meaningful changes in company operations and personnel. Goldman Sachs claims it was the v
Bank analyst Dick Bove says sell Goldman Sachs: ‘Legal issues are just beginning’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: thomas franck, jin lee, bloomberg, getty images
Keywords: news, cnbc, companies, goldman, beginning, lloyd, think, analyst, company, bove, operations, sachs, malaysian, sell, dick, legal, bank, blankfein, issues


Bank analyst Dick Bove says sell Goldman Sachs: 'Legal issues are just beginning'

Longtime bank analyst Dick Bove warned clients Thursday that Goldman Sachs’s recent troubles in Malaysia are “just the beginning” of its legal woes.

The closely followed Bove, who joined broker-dealer Odeon earlier this year, initiated coverage of Goldman Sachs with a sell rating.

“It is unclear to us whether Goldman Sachs participated in any inappropriate activities,” Bove wrote. “What does seem likely is that Goldman’s due diligence efforts will be criticized. If true, this will lead to meaningful changes in company operations and personnel. The company has already decided to withhold payments to some of its top executives due to this matter.”

The bank said earlier this year that it could withhold pay from former CEO and Chairman Lloyd Blankfein and other top executives depending on the outcome of an investigation into a Malaysian investment fund called 1MDB.

Goldman helped the fund raise $6.5 billion in 2012 and 2013 in three bond deals, but now faces charges by the Malaysian government, which claims assets were plundered from the fund. Goldman Sachs claims it was the victim of deceptive Malaysian officials and the rogue actions of a former banker at the firm.

“I think that the most negative revelations are yet to come,” Bove continued. “Thus, the broader issue is will Goldman’s business operations be impacted? The company has been involved in questionable operations in Venezuela, also.”

Goldman did not immediately return a phone call for comment on Bove’s note.

The closely followed financials analyst has been a frequent and vocal critic of the New York-based bank. A frequent target of Bove’s frustrations was former Goldman CEO Lloyd Blankfein, whom the analyst often critiqued for his management during the 2008 financial crisis. The analyst was overjoyed last year when the company announced that Blankfein would step down.

“I think it’s wonderful. The only bad part about this news is that people are talking about him staying until the end of the year. I think he should leave immediately,” Bove told CNBC’s “Halftime Report” in March 2018. “I don’t think there’s any rationale other than the cult of Lloyd Blankfein. … There’s no reason for him to stay.”

The analyst underscored at the time what he sees as “pathetic” earnings and revenue performance over the past several years relative to the other big banks on Wall Street.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: thomas franck, jin lee, bloomberg, getty images
Keywords: news, cnbc, companies, goldman, beginning, lloyd, think, analyst, company, bove, operations, sachs, malaysian, sell, dick, legal, bank, blankfein, issues


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Deutsche Bank lost $1.6 billion on a single trade involving Warren Buffett, WSJ says

The bank’s executives debated up until last year whether it should have restated previous earnings based on the wrong-way trade, ultimately deciding not to. “This transaction was unwound in 2016 as part of the closure of our Non-Core Operations” unit, a bank spokesman told the Journal. “External lawyers and auditors reviewed the transaction and confirmed it was in line with accounting standards and practices.” Read the WSJ story here.


The bank’s executives debated up until last year whether it should have restated previous earnings based on the wrong-way trade, ultimately deciding not to. “This transaction was unwound in 2016 as part of the closure of our Non-Core Operations” unit, a bank spokesman told the Journal. “External lawyers and auditors reviewed the transaction and confirmed it was in line with accounting standards and practices.” Read the WSJ story here.
Deutsche Bank lost $1.6 billion on a single trade involving Warren Buffett, WSJ says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: hugh son, luke macgregor, toni l sandys, the washington post, getty images
Keywords: news, cnbc, companies, standards, bank, unit, wrongway, unwound, tothis, wsj, transaction, told, buffett, warren, trade, single, billion, deutsche, ultimately, involving, lost


Deutsche Bank lost $1.6 billion on a single trade involving Warren Buffett, WSJ says

The bank’s executives debated up until last year whether it should have restated previous earnings based on the wrong-way trade, ultimately deciding not to.

“This transaction was unwound in 2016 as part of the closure of our Non-Core Operations” unit, a bank spokesman told the Journal. “External lawyers and auditors reviewed the transaction and confirmed it was in line with accounting standards and practices.”

Read the WSJ story here.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: hugh son, luke macgregor, toni l sandys, the washington post, getty images
Keywords: news, cnbc, companies, standards, bank, unit, wrongway, unwound, tothis, wsj, transaction, told, buffett, warren, trade, single, billion, deutsche, ultimately, involving, lost


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European markets close higher amid earnings, US-China trade hopes; Sainsbury shares dive 17%

Europe’s autos stocks — with their heavy exposure to China — led the gains, up more than 2.3 percent. Officials from the U.S. and China launched a new round of negotiations on Tuesday, with a follow-up session of higher-level talks expected later in the week. Stateside, stocks edged higher after the opening bell, as investors waited for news from the trade talks and clues on monetary policy. Meanwhile, Britain’s Sainsbury’s tumbled to the bottom of the index. Shares of Sainsbury’s tumbled around


Europe’s autos stocks — with their heavy exposure to China — led the gains, up more than 2.3 percent. Officials from the U.S. and China launched a new round of negotiations on Tuesday, with a follow-up session of higher-level talks expected later in the week. Stateside, stocks edged higher after the opening bell, as investors waited for news from the trade talks and clues on monetary policy. Meanwhile, Britain’s Sainsbury’s tumbled to the bottom of the index. Shares of Sainsbury’s tumbled around
European markets close higher amid earnings, US-China trade hopes; Sainsbury shares dive 17% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: chloe taylor, sam meredith
Keywords: news, cnbc, companies, bank, expected, sainsbury, sainsburys, billion, dive, markets, tumbled, china, european, hopes, stocks, uschina, trade, talks, earnings, higher, shares


European markets close higher amid earnings, US-China trade hopes; Sainsbury shares dive 17%

The pan-European Stoxx 600 closed provisionally up around 0.7 percent on Wednesday, with most sectors and major bourses in positive territory.

Europe’s autos stocks — with their heavy exposure to China — led the gains, up more than 2.3 percent. Officials from the U.S. and China launched a new round of negotiations on Tuesday, with a follow-up session of higher-level talks expected later in the week. President Donald Trump said on Tuesday that he might extend the March 1 deadline for a deal, saying it was not a “magical date.”

Stateside, stocks edged higher after the opening bell, as investors waited for news from the trade talks and clues on monetary policy. The U.S. Federal Reserve’s Open Market Committee is expected to release minutes from its January meeting at 2 p.m. ET.

Back in Europe, Ireland’s Glanbia surged to the top of the European benchmark during morning trade. The nutrition company reported pre-tax profit rose 16 percent in 2018, adding it expected to deliver growth between 5 percent and 8 percent in 2019. Shares of the group jumped 11.8 percent on the news.

Meanwhile, Britain’s Sainsbury’s tumbled to the bottom of the index. It comes after the U.K.’s competition regulator said on Wednesday that the supermarket’s planned $9.5 billion takeover of Walmart-owned Asda should either be blocked or would require the sale of a significant number of stores. Shares of Sainsbury’s tumbled around 17 percent on the news.

Shares of the Swiss bank UBS fell more than 3 percent after a French court found it guilty of illegally soliciting clients in France and laundering the proceeds of tax evasion. The bank was fined 4.5 billion euros ($5.1 billion).


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: chloe taylor, sam meredith
Keywords: news, cnbc, companies, bank, expected, sainsbury, sainsburys, billion, dive, markets, tumbled, china, european, hopes, stocks, uschina, trade, talks, earnings, higher, shares


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Victims of that other Ponzi scheme—Stanford—say they have been short-changed

On Feb. 17, the SEC and FBI agents raided Stanford’s Houston headquarters, shutting down the Stanford Financial Group’s worldwide operations. In the case of Stanford, according to the report, the missteps went back more than a decade to 1997. That leaves about $275 million — or about five cents on the dollar — for the victims. And Janvey is still trying to recover hundreds of millions more in lawsuits against those who allegedly received fraudulent transfers from Stanford, including members of S


On Feb. 17, the SEC and FBI agents raided Stanford’s Houston headquarters, shutting down the Stanford Financial Group’s worldwide operations. In the case of Stanford, according to the report, the missteps went back more than a decade to 1997. That leaves about $275 million — or about five cents on the dollar — for the victims. And Janvey is still trying to recover hundreds of millions more in lawsuits against those who allegedly received fraudulent transfers from Stanford, including members of S
Victims of that other Ponzi scheme—Stanford—say they have been short-changed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: scott cohn, craig hartley, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, sec, recovered, victims, report, settlement, million, stanfords, schemestanfordsay, bank, stanford, including, ponzi, janvey, shortchanged


Victims of that other Ponzi scheme—Stanford—say they have been short-changed

On Feb. 17, the SEC and FBI agents raided Stanford’s Houston headquarters, shutting down the Stanford Financial Group’s worldwide operations. In a civil complaint, the SEC accused Stanford and his associates of running a “massive, ongoing fraud” based on certificates of deposit issued by Stanford International Bank in Antigua and sold to investors by Stanford’s U.S.-based brokerage arm. While Stanford claimed the CDs were backed by solid assets and posted returns that consistently beat the market, the SEC alleged the entire operation was a fraud that financed Stanford’s lavish lifestyle.

A subsequent report by the SEC Inspector General found that, as in the Madoff case, the agency had missed warning signs of the scandal for years. In the case of Stanford, according to the report, the missteps went back more than a decade to 1997. And the report found the agency’s investigations were hampered by a regional enforcement official who would go on to do legal work for the firm.

Stanford, a former health club operator and insurance salesman from rural Texas who once falsely claimed to be related to the founder of Stanford University, insisted his businesses were legitimate. He alleged the SEC was scapegoating him following its mishandling of the Madoff investigation.

“Madoff comes along, well, they need somebody to make an example out of,” he told CNBC in 2009.

But a federal jury in Houston disagreed, convicting Stanford in 2012 on 13 felony counts. Now 68 years old, he is serving a 110-year sentence at a high security prison in Florida. But none of that — nor the fact that Stanford was ordered to forfeit some $5.9 billion in cash that has long since been spent — is any solace to Stanford’s 18,000 investors.

According to the most recent figures from Ralph Janvey, the court-appointed receiver rounding up funds for the victims, about $500 million of the roughly $5 billion in investor losses had been recovered as of Oct. 31, 2018. Out of that, a court has approved about $224 million in fees and expenses for Janvey and his team. That leaves about $275 million — or about five cents on the dollar — for the victims.

An attorney for Janvey, Kevin Sadler, said the receivership has recovered about $200 million more since that report, including about $63 million in a settlement with Stanford’s former law firm. And Janvey is still trying to recover hundreds of millions more in lawsuits against those who allegedly received fraudulent transfers from Stanford, including members of Stanford’s sales force.

Other funds are in limbo, including some $160 million in Stanford’s Swiss bank of choice, Societe Generale. That money was to be returned to investors under a settlement between U.S. and Antiguan regulators, but the bank has thus far blocked its release.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: scott cohn, craig hartley, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, sec, recovered, victims, report, settlement, million, stanfords, schemestanfordsay, bank, stanford, including, ponzi, janvey, shortchanged


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