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Chinese Companies Are Rushing to List on Wall Street

October 29, 2019 admin Comments Off on Chinese Companies Are Rushing to List on Wall Street

(Bloomberg) — The U.S. and China may be locked in a prolonged trade war but that’s not stopping Chinese companies from trying to list on Wall Street.Nine Chinese companies have filed for initial public offerings in the U.S. this month, including three overnight, making October the busiest of the year so far in terms of filings, according to data compiled by Bloomberg.Canaan Inc., the world’s second-largest maker of Bitcoin mining machines, podcast and radio streaming app creator Guangzhou Lizhi Network Technology Co., and the operator of the Chinese co-living platform Danke Apartment, Phoenix Tree Holdings Ltd., all filed overnight. Meanwhile …read more […]

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Sweden Considers Sanctions Against Swedbank in Laundering Probe

October 29, 2019 admin Comments Off on Sweden Considers Sanctions Against Swedbank in Laundering Probe

(Bloomberg) — Sweden’s financial watchdog said deficiencies it found while investigating Swedbank AB’s money-laundering defenses could be serious enough to warrant sanctions.The Swedish Financial Supervisory Authority, or Finansinspektionen (FI) has opened a so-called sanction case as part of its ongoing probe into the country’s oldest bank, it said in a statement on Tuesday. The FSA in Estonia took a similar step, according to a separate announcement.“Inherent in this decision is that FI considers there to be sufficient grounds for assessing whether the deficiencies and weaknesses observed during the investigation should lead to a sanction or if the investigation should be …read more […]

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Nomura Could Use a Fresh Twist on an Old Story

October 29, 2019 admin Comments Off on Nomura Could Use a Fresh Twist on an Old Story

(Bloomberg Opinion) — After stumbling badly for two years, Nomura Holdings Inc. has finally regained its footing. But can the Japanese bank succeed in the race to capture market share in China and avoid tripping over a demographic hurdle at home? CEO Koji Nagai’s cost cuts and tightened focus on fixed-income trading for institutional clients are producing results. On Tuesday, Nomura posted pretax income of 128.5 billion yen ($1.2 billion), bumped up by a 73 billion yen gain on the sale of a stake in a research affiliate. The wholesale banking business, while slightly weaker than in the June quarter, …read more […]

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BP Beats Estimates as Strong Refining Offsets Lower Oil Prices

October 29, 2019 admin Comments Off on BP Beats Estimates as Strong Refining Offsets Lower Oil Prices

(Bloomberg) — Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.BP Plc reported profit that beat analyst estimates as a strong performance at its refining division offset the effect of lower oil and natural gas prices, and bad weather that curbed production.The positive result will please investors expecting a gloomy third quarter for Big Oil. Crude prices have fallen as the U.S.-China trade war stokes demand concerns, while American output has continued to flood the market.“BP delivered strong operating cash flow and underlying earnings in a quarter that saw lower oil and …read more […]