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January 20, 2021

Financials (Legacy)

China proposes tougher anti-trust rules for non-bank payment industry

Reuters
BEIJING (Reuters) – China’s central bank proposed stepping up anti-trust measures to rein in payment firms such as Ant Group’s Alipay and Tencent’s WeChat Pay, which dominate the non-bank payment industry. Under draft rules proposed on Wednesday, the People’s Bank of China (PBOC) can advise the state council’s antitrust committee......

London Stock Exchange set to close Refinitiv deal on Jan. 29

Reuters
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo LONDON (Reuters) – London Stock Exchange said on Tuesday that it should complete its $27 billion acquisition of Refinitiv on Jan. 29, as it bulks up into a......

Departing EXIM chief urges Biden team to counter Chinese lending dominance

Reuters
By Andrea Shalal, David Lawder WASHINGTON (Reuters) – The head of the Export-Import Bank of the United States (EXIM) on Monday urged the Biden administration to keep pushing to neutralize Chinese export subsidies and help U.S. companies compete, building on gains made under Donald Trump. Chairman Kimberly Reed, a political......

UK PM, finance minister to meet business leaders on COVID recovery

Reuters
FILE PHOTO: Britain’s Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak arrive for a Cabinet meeting, in London, Britain October 13, 2020. REUTERS/Simon Dawson LONDON (Reuters) – Prime Minister Boris Johnson and finance minister Rishi Sunak will ask 30 business leaders on Monday for their thoughts on......

Oil drops 1% as rising coronavirus cases end supply-led rally

Reuters
FILE PHOTO: An oil worker walks toward a drill rig after placing ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo TOKYO (Reuters) – Oil prices fell on Monday, extending losses that last week ended a rally......

Wells Fargo posts higher quarterly profit

Reuters
FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon (Reuters) – Wells Fargo & Co reported a higher quarterly profit on Friday, as stabilizing credit costs helped offset the hit from low-interest rates meant to prop up the ailing economy during......

Investors push for social media controls ahead of U.S. inauguration

Reuters
FILE PHOTO: The Twitter and Facebook logos along with binary cyber codes are seen in this illustration taken November 26, 2019. REUTERS/Dado Ruvic/Illustration BOSTON (Reuters) – Pension fund managers and religious investors on Friday asked top social media companies to step up their content control efforts to reduce the threat......

Car insurance premiums in Britain fall 6% in fourth-quarter – survey

Reuters
FILE PHOTO: Customers are seen looking at cars at Cargiant, following the outbreak of the coronavirus disease (COVID-19), London, Britain, June 1, 2020. REUTERS/Toby Melville (Reuters) – The cost of a comprehensive motor insurance policy in Britain fell for a fourth straight quarter, with the latest quarter recording a 6%......

PayPal becomes first foreign firm in China with full ownership of payments business

Reuters
SHANGHAI (Reuters) – PayPal Holding Inc has become the first foreign operator with 100% control of a payment platform in China, according to Chinese government data, as the U.S. fintech giant eyes a bigger foothold in a booming market for online payments. FILE PHOTO: The PayPal app logo is seen......

Fed sees modest growth but says optimism tempered by virus resurgence

Reuters
(Reuters) – U.S. economic activity increased modestly in recent weeks and a growing number of Federal Reserve districts saw a drop in employment as a surge in coronavirus infections led to more shutdowns, the U.S. central bank said on Wednesday. FILE PHOTO: The Federal Reserve Building stands in Washington April......

Visa temporarily suspends all political donations

Reuters
FILE PHOTO: A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration (Reuters) – Visa Inc said on Tuesday its political action committee had temporarily suspended all donations last week as it reviews its candidate contribution guidelines. A host of......

EU watchdog says some banks trying to circumvent rules after Brexit

Reuters
LONDON (Reuters) – Some banks outside the European Union are trying to circumvent rules on offering investment services to customers in the bloc, the European Securities and Markets Authority said on Wednesday. “With the end of the UK transition period on 31 December 2020, some questionable practices by firms around......

REUTERS NEXT-PE firm Privavera chairman says remain optimistic about China’s Ant Group

Reuters
HONG KONG, Jan 13 (Reuters) – Private equity firm Primavera Group, which counts China’s Ant Group as one of its portfolio companies, remains optimistic about the financial technology giant, its chairman Fred Hu said on Wednesday, despite the ongoing regulatory crackdown. Hu’s comments come as Chinese regulators are investigating e-commerce......

Indian shares hit record high as banks, Airtel gain

Reuters
BENGALURU, Jan 13 (Reuters) – Indian shares rose on Wednesday to a record high as the country’s retail inflation eased, bolstering banking stocks, and Bharti Airtel gained after the telecom operator initiated process to increase foreign investment limit. Investors also await results from technology heavy weights Infosys Ltd and Wipro......

Exclusive: Biden to name Gary Gensler as U.S. SEC chair, sources say

Reuters
FILE PHOTO: Commodity Futures Trading Commission Chair Gary Gensler testifies at a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill July 30, 2013. REUTERS/Jose Luis Magana/File Photo WASHINGTON (Reuters) – Gary Gensler, a leading financial regulator under the Obama administration, is expected to be named chair of......

Visa temporarily suspends all political donations

Reuters
FILE PHOTO: A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration (Reuters) – Visa Inc said on Tuesday its political action committee had temporarily suspended all donations last week as it reviews its candidate contribution guidelines. A host of......

Amazon files appeal with Indian court in Future Retail dispute – source

Reuters
FILE PHOTO: The logo of Amazon is pictured inside the company’s office in Bengaluru, India, April 20, 2018. REUTERS/Abhishek N. Chinnappa/File Photo NEW DELHI (Reuters) – Amazon.com Inc has filed an appeal with an Indian court in an ongoing dispute against local partner Future Group’s plan to sell its retail......

Angola gets breathing space from Chinese creditors, says finance minister

Reuters
By Tom Arnold, Karin Strohecker LONDON (Reuters) – Angola has secured three years of payment relief from Chinese creditors and expects to get more than $700 million in its next tranche of International Monetary Fund financing in the coming days, its finance minister said on Monday. Africa’s second-largest oil exporter......

Exclusive: Chinese regulators to push tech giants to share consumer credit data – sources

Reuters
HONG KONG (Reuters) – China plans to push tech giants including Ant Group, Tencent and JD.com to share consumer loan data to prevent excess borrowing and fraud, two people with knowledge of the matter said, in Beijing’s latest tightening of scrutiny. FILE PHOTO: A sign of Ant Group is seen......

OPEC crude output cuts should help U.S. shale profits in 2021

Reuters
HOUSTON (Reuters) – A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer. FILE PHOTO: A Marathon......

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