Finance

China central bank sees economic growth slowing to 6.8 percent in 2016

China’s annual economic growth is likely to slow to 6.8 percent next year from an expected 6.9 percent this year, the People’s Bank of China said in a working paper published on Wednesday. The world’s second-largest economy still faces downward pressure and the impact of fiscal and monetary policies that were rolled out this year will be evident by the ... Read More »

Banned and dangerous weapons found for sale on Amazon.co.uk

Banned and dangerous weapons, many of them disguised as everyday items, are being routinely and illegally sold to online shoppers on Amazon.co.uk, a Guardian investigation has found. Illegal weapons, including some reputedly developed for military and police forces, have been put up for sale in breach of UK firearms and offensive weapons laws. In test purchases, the Guardian bought three ... Read More »

Rabobank to cut 9,000 jobs and shed assets to boost profit

Dutch cooperative bank Rabobank [RABO.UL] plans to lay off nearly a fifth of its workforce to boost profit and prepare for tougher European banking guidelines, it said on Wednesday. The bank said it would shed 9,000 of its 47,000 staff by 2018 and would cut 150 billion euros ($164.7 billion) worth of assets from its balance sheet by 2020, to ... Read More »

Citigroup to take $300 million ‘repositioning charge’ in fourth quarter

Citigroup Inc (C.N) will take a $300 million “repositioning charge” in the fourth quarter to “resize infrastructure and capacity” throughout its businesses, Chief Financial Officer John Gerspach said on Wednesday. Citi will also add $300 million to $400 million in loan reserves from the third quarter for energy loans, based on the expectation that oil prices will remain low, Gerspach ... Read More »

Alys Fowler: ‘Every garden needs a tree or two’

Ispend all summer fascinated by the things beneath my feet, but by autumn my gaze rises. In these darker months, I plan routes and take detours just to look at my favourite trees: a neighbour’s front garden with interesting bark to inspect, a brilliant shock of autumn colour or a car park with an unusual specimen – I hunt them ... Read More »

Goldman reigns supreme in record M&A year

As iconic brands are snapped up and corporations merged and swallowed in a record-breaking whirl of deals, there has been one constant: Goldman Sachs Group Inc (GS.N). The Wall Street firm is once again top dog in the global M&A rankings, having advised on transactions worth close to $1.7 trillion this year, more than the annual economic output of Australia, ... Read More »

Dow CEO rewards former Citi banker Klein with $130 billion deal prize

Michael Klein, the former Citigroup Inc investment banking chief, landed a leading role advising Dow Chemical Co on its $130 billion merger with DuPont as a result of the relationship he carefully developed with Dow CEO Andrew Liveris. Liveris spent six years on Citigroup’s board of directors, a tenure that ended in 2011. There he got to work with Klein, ... Read More »

Exclusive: StanChart axes senior bankers in energy M&A team – sources

Standard Chartered plc (STAN.L) has axed at least half a dozen oil and gas advisory banking roles in recent weeks, ending an eight-year attempt to build a global energy M&A team as new CEO Bill Winters moves to rein in costs, people familiar with the matter said. Asia-focused lender Standard Chartered (2888.HK) expanded its energy M&A advisory team just before ... Read More »

Hong Kong watchdog fines JPMorgan for dark pool, control failures

Hong Kong’s securities watchdog said on Tuesday it had fined JPMorgan HK$30 million ($3.87 million) for a range of control failures, including breaches in its dark pool business. The U.S. bank is the latest institution to fall foul of a broader crackdown by the Securities and Futures Commission (SFC) on electronic trading and dark pools in the financial center. The ... Read More »

SMFG agrees to buy GE’s Japan leasing business for $4.8 billion

Sumitomo Mitsui Financial Group Inc (SMFG) (8316.T) agreed to buy General Electric’s (GE.N) Japanese leasing business for $4.8 billion, the two companies said on Tuesday. The deal is part of GE’s plan to sell off the about $200 billion worth of assets of its finance arm, GE Capital, as the U.S. conglomerate moves away from finance to focus on manufacturing ... Read More »