Reuters exclusively reported[1] that UBS is shutting down some of its China private funds business and will lay off one-third of the staff as the Swiss bank cuts operating costs in the country.
ECB set to order UniCredit to reduce Russia business
Reuters exclusively reported[1] that the European Central Bank is poised to order Italy’s UniCredit to cut back its business with Russia as the regulator exerts pressure to choke off European financial ties with Moscow.
Market Impact
Abu Dhabi's largest Islamic bank in talks to buy $1.1 bln stake in Indonesian lender
Business & Finance
Reuters exclusively reported[1] that Abu Dhabi’s largest Islamic bank is in talks to buy a minority stake valued at around $1.1 billion in Indonesia’s top Islamic lender, Bank Syariah Indonesia, with an aim to tap into a Billing software firm Zuora explores sale after takeover interest
Reuters exclusively reported[1] that Zuora, which makes subscription management software for businesses, is exploring options that include a sale after receiving acquisition interest from potential suitors.
Market Impact
Zuora’s shares jumped more than 19%Vietnam mounts ‘unprecedented’ $24 billion rescue for bank engulfed in giant fraud
Reuters exclusively reported[1] that Vietnam has mounted an “unprecedented” rescue of Saigon Joint Stock Commercial Bank (SCB), a lender engulfed in the nation’s biggest financial fraud.
Market Impact
As of the start of April, theLockheed wins US missile defense contract worth $17 bln
Reuters exclusively reported[1] that Lockheed Martin has been awarded a $17 billion contract to develop the next generation of interceptors that would guard the United States against an intercontinental ballistic missile attack.
Market Impact
U.S.Russia and China trade new copper disguised as scrap to skirt taxes, sanctions
Reuters exclusively reported[1] that Russian copper producer RCC and Chinese firms have avoided taxes and skirted the impact of Western sanctions by trading in new copper wire rod disguised as scrap.