Asian shares mixed on US rally, China’s economic growth woes
TOKYO (AP) — Asian shares were mixed Friday as Chinese stocks sank after leaders acknowledged that the official growth target of 5.5 percent for this year would not be met. Investors appear to be more convinced that the Federal Reserve may moderate its aggressive rate hikes aimed at controlling inflation after the Commerce Department reported that the US economy contracted at an annual pace of 0.9% during the last quarter. This followed a 1.6% year-on-year drop in the first quarter. Investors were also cautiously eyeing regional tensions over China’s stance on Taiwan after President Joe Biden and Xi Jinping spoke…
Read More »Why the ‘fundamental’ overhaul of Credit Suisse’s investment bank is long overdue
Last month I suggested that Credit Suisse’s current management team would probably have a little more time to show if they can turn things around. Not much longer, it turns out. After just two years in the job, Thomas Gottstein is being replaced as chief executive and the struggling group has embarked on another strategic overhaul which it promises will result in the “fundamental transformation” of its investment bank which critics have been asking for years. Chairman Axel Lehmann said the aim was to produce a “stronger, simpler, more efficient bank with more sustainable returns” and that the investment bank…
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‘Gumming up’: Unwanted debt from shopping boom stuck in investment banks
Wall Street’s trillion-dollar financing machine has gone under, creating a new hurdle for private equity titans who for years had easy access to credit. Tens of billions of dollars worth of debt have been stuck on bank balance sheets left over from financings that were secured before a selloff rocked financial markets and an economic slowdown gripped the global economy. The sharp fall in the value of corporate bonds and loans means that banks such as Bank of America and Goldman Sachs are already taking big losses on financing packages that they have not yet sold to the investing public….
Read More »Earnings, economic data on the agenda
LONDON — European markets opened cautiously higher on Friday as investors digest a fresh batch of corporate earnings and await key economic data outside the euro zone. Britain’s FTSE 100 is seen about 16 points higher at 7,361, Germany’s DAX is expected to add about 69 points to 13,351 and France’s CAC 40 is expected to gain about 32 points to 6,371. Asia-Pacific shares were mixed overnight, with Hong Kong’s Hang Seng index falling more than 2% as tech stocks took a hit. Shares in mainland China also retreated after Chinese leaders signaled on Thursday that Beijing is unlikely to…
Read More »Provident Financial Holdings Announces Quarterly Cash Dividend | news
RIVERSIDE, Calif., July 28, 2022 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company of Provident Savings Bank, FSB, today announced that the Company’s Board of Directors declared a quarterly cash dividend of $0.14 per share. Shareholders of the Company’s common stock at the close of business on August 18, 2022 will be entitled to receive the cash dividend. The cash dividend will be paid on September 8, 2022. Safe harbor declaration Certain matters in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These…
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Fed’s Jay Powell asks for time to comment on rate hikes
Since the Federal Reserve in March embarked on what has become the fastest pace of interest rate hikes since 1981, it has provided minute details about its future plans to tighten monetary policy. That changed on Wednesday, with Chairman Jay Powell announcing that the US central bank would avoid offering official commentary on its quest to end rising inflation. “It’s time to go meeting by meeting and not provide the kind of clear guidance that we had provided,” Powell told a news conference after the Fed raised its key interest rate by 0.75 percentage points for the second. next month…
Read More »Volkswagen posts robust first-half results, allowing investment in mobility, battery platforms and software as future profit groups
The Volkswagen Group posted solid operating results in the first half of the year, enabling significant investments in future profit groups and new platforms. The group continued to make strong strategic progress in the second quarter, registering crucial developments in its technology platforms: mobility services, batteries and software. “Despite unprecedented global challenges, Volkswagen has demonstrated remarkable financial robustness. The operating margin for the first half of the year reflects strong product substance and proportionally higher sales in the premium segment. In addition, the group of volume has shown that it can deliver good results even in a challenging environment,” said…
Read More »PayPal veteran Jim Magats named CEO of MX, the startup that connects banks and fintech players
Jim Magats, former PayPal executive who will be appointed CEO of the startup MX Photo: Tom Cook MXthe startup competing against Plaid to help connect financial institutions and fintech players, appoints PayPal executive Jim Magats its new CEO, CNBC has learned. Magats, a nearly two-decade PayPal veteran who most recently served as senior vice president of omni payment solutions, will start at Utah-based MX in mid-August, according to MX founder Ryan Caldwell. “We’re thrilled with the resonance we’ve had with Jim, being a tenured executive in the space who fully understands not only the world of payments, but the world…
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