Reuters UK Business

By Diana Mandia (Reuters) -France’s Orpea, hit by allegations of malpractice at its French retirement homes, said on Tuesday it would scale back its international activities and focus on its core business as it considers converting almost four billion euros of debt into new shares. The company, which has lost 90% of its market capitalisation …

France’s Orpea to scale back its international activities Read More »

(Reuters) – Financial regulators in the Bahamas on Monday appointed liquidators to run FTX’s unit in the country, just days after authorities said they were looking for any “criminal misconduct” by the collapsed crypto exchange. The Securities Commission of The Bahamas said it had won court approval and appointed two members from PwC to oversee …

Bahamas financial regulators appoint liquidators for FTX unit Read More »

By Huw Jones LONDON (Reuters) – Climate-related stress tests for banks need to better capture the indirect fallout of climate change on lenders and the wider global economy, the G20’s Financial Stability Board said on Tuesday. The European Central Bank, Bank of England and other central banks have completed an initial batch of experimental stress …

G20 watchdog says bank climate stress tests may understate exposures Read More »

(Reuters) – Poland’s gross domestic product rose 3.5% year-on-year in the third quarter compared to 5.8% rise in the previous quarter, a first estimate from the statistics office showed on Tuesday. Analysts polled by Reuters expected a growth of 3.3% year-on-year. The statistics office said that in the third quarter seasonally-adjusted GDP rose by 0.9% …

Poland’s Q3 GDP at 3.5%, above forecast Read More »

LONDON (Reuters) – The Liberty Steel group owned by commodities tycoon Sanjeev Gupta has reached an agreement to restructure much of its debt for global operations, it said on Tuesday, while negotiations continue on the debt of its European business. Gupta’s family conglomerate, GFG Alliance, has been scrambling to arrange refinancing for its cash-starved web …

Liberty Steel agrees debt restructuring deal Read More »

By Sarah Young LONDON (Reuters) -Britain’s biggest defence company, BAE Systems, lifted its earnings guidance on Tuesday after reporting “very strong” orders for 2022, and forecast more growth next year as the war in Ukraine boosts military spending. New orders include a 4.2 billion pound ($4.97 billion)contract announced by Britain on Tuesday for BAE Systems …

BAE Systems upgrades outlook as Ukraine war boosts defence spending Read More »

By Noele Illien ZURICH (Reuters) -Credit Suisse said on Tuesday it has finalised the sale of most of its Securitized Products Group and related financing businesses to U.S. buyout fund Apollo Global Management – a key part of a sweeping revamp for the Swiss bank. SPG assets held by Credit Suisse are set to slide …

Credit Suisse to sell bulk of Securitized Products Group to Apollo Read More »

By Daniel Leussink TOKYO (Reuters) -The European Central Bank (ECB) will probably continue to raise interest rates beyond 2%, but “jumbo” rate hikes will not become a new habit, France’s central bank chief said in Tokyo, while also calling for international regulation of crypto assets. The ECB has increased rates at its fastest pace on …

ECB likely to keep raising rates beyond 2% level, says French central bank chief Read More »

By Pushkala Aripaka (Reuters) – Ninety One Plc warned of challenging market conditions for a “foreseeable future”, sending shares in the London-listed asset manager down 6% on Tuesday, after it posted net outflows of 3.2 billion pounds ($3.8 billion) in the first half. After a boost in managed assets during the pandemic, fund managers are …

Asset manager Ninety One warns market challenges not over yet Read More »