Finance - Wall Street Collateral

China’s JD.com announces $5 bln share buyback plan

Jerry — Tue, 27 Aug 2024 10:41:03 +0000

JD.com (9618.HK), opens new tab said on Tuesday its board has approved a new $5 billion share repurchase program, effective September, allowing the Chinese e-commerce giant to buy back its stock over the next 36 months.

U.S.-listed shares of the company jumped 5.1% in premarket trading.

JD.com is staring at stiff competition in the Chinese e-commerce sector, with all major companies ramping up promotions and discounts to woo cash-strapped consumers amid muted recovery in the world’s second-largest economy.

Source: REUTER

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J&J to buy medical device maker V-Wave for up to $1.7 bln

Jerry — Fri, 23 Aug 2024 18:32:42 +0000

Johnson & Johnson (JNJ.N), opens new tab said on Tuesday it would buy privately held V-Wave for up to $1.7 billion, the healthcare conglomerate’s second deal this year aimed at boosting its presence in the market for heart disease devices.

J&J said it will pay $600 million upfront, with potential payments of up to $1.1 billion contingent on regulatory and commercial milestones.

The deal is the latest in a string of acquisitions by J&J as it looks to drive growth beyond 2025, when blockbuster psoriasis drug Stelara is expected to face biosimilar rivals.

Source: REUTER

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TD Bank swings to quarterly loss after $2.6 billion hit tied to US probe

Jerry — Fri, 23 Aug 2024 16:44:53 +0000

TD Bank (TD.TO), opens new tab on Thursday reported its first loss in over two decades after setting aside an extra $2.6 billion to cover expected fines from U.S. regulators which have been probing weaknesses in Canada’s second-largest lender’s anti-money laundering (AML) controls.

TD said late Wednesday that it would sell part of its 12.3% stake in U.S. brokerage Charles Schwab (SCHW.N), opens new tab to help offset the impact of the fine, for which it had already provisioned $450 million in the prior quarter.

Source: REUTER

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TD Bank sets aside $2.6 bln more for US anti-money laundering penalties, lowers Schwab stake

Jerry — Thu, 22 Aug 2024 06:59:17 +0000

Canada’s TD Bank Group (TD.TO), opens new tab said it would set aside $2.6 billion more for penalties related to U.S. regulatory probes into deficiencies in its anti-money laundering program and it would sell part of its stake in Charles Schwab (SCHW.N), opens new tab to offset the financial impact.

In anticipation of a global resolution to the anti-money laundering (AML) probes by year-end, which will include monetary and non-monetary penalties, the lender has now set aside a total of over $3 billion, including a $450 million provision it took in April.

Source: REUTER

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Deutsche Bank settles with some plaintiffs in Postbank acquisition lawsuits

Jerry — Thu, 22 Aug 2024 06:54:14 +0000

Deutsche Bank (DBKGn.DE), opens new tab said on Wednesday that it had reached settlements with more than half the plaintiffs who accused the lender of underpaying them in the acquisition of Postbank years ago.

The development helps Germany’s largest lender move beyond the years-long litigation that has cast a shadow over the bank.

Deutsche Bank said the agreements cover 60% of the claims, including the largest individual plaintiff.

Source: REUTER

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Tether to launch stablecoin pegged to UAE’s dirham

Jerry — Thu, 22 Aug 2024 06:39:17 +0000

Cryptocurrency company Tether said on Wednesday it would launch a new stablecoin pegged to the United Arab Emirates (UAE) dirham as it taps demand for the Gulf currency and seeks to offer alternatives to the U.S. dollar.

Stablecoins are digital tokens designed to keep a constant value backed by traditional currencies such as the U.S. dollar or euro. They have seen rapid growth, both as a form of payment and among traders wanting to buy and sell cryptocurrencies such as bitcoin outside of the regulated banking system.

Source: REUTER

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Hong Kong bourse logs first profit rise in three quarters, IPOs pick up

Jerry — Thu, 22 Aug 2024 06:36:51 +0000

Hong Kong’s bourse has booked its first profit increase in three quarters, marking record revenue and income for an April-June period as new listings and trading activity picked up.

Net income for Hong Kong Exchanges and Clearing (0388.HK), opens new tab (HKEX) climbed 9% from a year earlier to HK$3.16 billion ($405 million) while revenue rose 7%.

The bourse said it had benefited from increases in trading and clearing fees as volumes across the cash, derivatives and commodities markets grew.

Source: REUTER

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Gold pauses after hitting all-time highs above $2,500

Jerry — Mon, 19 Aug 2024 12:16:08 +0000

Gold eased on Monday after powering to an all-time high above the important $2,500 per ounce level in the last session on strong safe-haven demand and expectations of an imminent U.S. rate cut as investors seek more cues on the quantum of cuts.

Spot gold was down 0.4% at $2,496.46 per ounce, as of 1011 GMT, just about $13 shy of the record high of $2,509.65 hit on Friday. U.S. gold futures edged 0.1% lower to $2,534.80.

Source: REUTER

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World shares underpinned, dollar undermined by dovish Fed wagers

Jerry — Mon, 19 Aug 2024 12:13:23 +0000

Wall Street looked to a flat open as the dollar tipped lower on Monday off the back of last week’s surging stock markets as expectations the U.S. economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts.

The prospect of lower borrowing costs could not sustain gold’s historic highs and the dollar dipped against the euro, while the yen lunged higher.

Both S&P 500 futures and Nasdaq futures were trading around flat at 1215 BST.

Source: REUTER

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Blackstone weighs sale of $2.6 bln events group Clarion, sources say

Jerry — Thu, 15 Aug 2024 11:11:14 +0000

Blackstone Group (BX.N), opens new tab is exploring options for Clarion Events, including a sale, that could value the business at up to 2 billion pounds ($2.6 billion), three people familiar with the matter told Reuters, as appetite for event organisers continues to recover after the pandemic.

The U.S. buyout group has in recent months held informal talks with private equity funds including CVC (CVC.AS), opens new tab and KKR (KKR.N), opens new tab, which may be interested in buying the London-based business, the people said, speaking on condition of anonymity.

Source: REUTER

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