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SVB is largest bank failure since 2008 financial crisis

11Mar

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Business

SVB is largest bank failure since 2008 financial crisis

California regulator closes SVB, appoints FDIC as receiverSVB focused on lending to start-ups; branches to reopen MondayFDIC to sell bank assets; 'chaos' reported amid withdrawalsBank shares fall in U.S., Europe, but well off lowsCrisis exposes banking 'vulnerabilities' amid rising ratesMarch 10 (Reuters) - Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets.Based in Santa Clara, the lend...

Stake sale in Bundesliga media rights business to launch early March -sources

22Feb

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Business

Stake sale in Bundesliga media rights business to launch early March -sources

FRANKFURT, Feb 22 (Reuters) - Germany's soccer governing body is poised to kick off the sale of a stake in the Bundesliga's media rights business that could fetch $2.9 billion, sources familiar with the matter said.Deutsche Fussball Liga (DFL) plans to launch the formal sale process in early March, the sources told Reuters. One of the sources said DFL aims to find a buyer for "at least" 15% of the media rights business.The holding company that controls the media rights is valued at between 15 and 18 billion euros, the sources said, meaning a 15% stake could be worth about 2.7 billion euros ($2.9 billion).National soccer leagues in Europe are increasingly eyeing external funding around broadcasting arrangements as they look at ways to boost revenues and increase their global reach.The Bu...

Boeing to move historic financing arm under jet business

17Feb

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Business

Boeing to move historic financing arm under jet business

WASHINGTON/PARIS, Feb 16 (Reuters) - Boeing (BA.N) said on Thursday it is absorbing its decades-old aircraft-financing arm into its commercial airplanes unit as part of a push to simplify its corporate structure.After the retirement of Boeing Capital Corp (BCC) President Tim Myers this spring, Boeing said it would "realign" the financing arm within the commercial airplane unit while maintaining "strong coordination" with Boeing's treasury arm.Airfinance Journal earlier reported the move.Boeing Capital, a subsidiary of Boeing, provides asset-based financing and leasing to airlines lacking access to funding.The realignment will "focus resources on our core work of supporting our customers and their financing needs," Boeing Chief Financial Officer Brian West said in an internal memo viewed...

ABB sells its power conversion division for $505 million

20Jan

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Technology

ABB sells its power conversion division for $505 million

ZURICH, Jan 20 (Reuters) - ABB (ABBN.S) has sold its power conversion business to AcBel Polytech Inc (6282.TW) for $505 million, the Swiss engineering and technology company said on Friday.The sale is the last part of ABB's measures to trim its portfolio of companies which saw it sell its power transmission unit Dodge and spin off its turbocharging business Accelleron to shareholders.ABB said it expects to make a small non-operational book gain from the sale of the United-States-based Power Conversion business, which provides products for telecoms, data centres and general industry.Chief Executive Bjorn Rosengren said he was "delighted" with the deal which completed divisional portfolio divestments announced by ABB at the end of 2020.Power Conversion was acquired by ABB as part of the G...

European shares pare gains as technology, consumer stocks weigh

29Nov

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Technology

European shares pare gains as technology, consumer stocks weigh

EasyJet falls as it warns of rising costsASM rises on expectation of smaller fall in China salesGerman inflation data eyedNov 29 (Reuters) - European shares gave up gains on Tuesday as technology and consumer stocks slipped, offsetting a rally in commodity-linked shares spurred by hopes that Beijing could ease COVID-19 curbs following recent protests.The pan-European STOXX 600 index (.STOXX) was flat after having risen up to 0.5% following a strong rally in Asia where investors hoped that Chinese officials might announce some easing of pandemic-related curbs at a press briefing.China issued a notice to ramp up COVID-19 vaccinations for the elderly, while a senior health official said public complaints about the country's pandemic-related curbs stem from overzealous implementation rather...

Luxembourg’s OQ Technology raises 13 mln euros in funding co-led by Wa’ed Ventures and Phaistos Investment Fund

1Sep

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Technology

Luxembourg’s OQ Technology raises 13 mln euros in funding co-led by Wa’ed Ventures and Phaistos Investment Fund

Register now for FREE unlimited access to Reuters.comRegisterDUBAI, Sept 1 (Reuters) - Luxembourg-based OQ Technology, a global 5G internet of things satellite operator, has raised 13 million euros ($13.05 million) in its Series A funding round co-led by Saudi Aramco's Wa'ed Ventures and Greece's Phaistos Investment Fund, according to a joint statement on Thursday.It is Wa'ed's first investment overseas, since it expanded its mandate to pursue global tech startups looking to localise their products and solutions in Saudi Arabia.Wa'ed is the entrepreneurial venture capital arm of the kingdom's state oil giant. Phaistos Investment Fund focuses on investment in 5G-related products and services and managed by 5G Ventures, a venture capital firm based in Athens.Register now for FREE unlimite...

Australia’s Ramsay Health gets ‘inferior’ alternate offer from KKR-led group

25Aug

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Health

Australia’s Ramsay Health gets ‘inferior’ alternate offer from KKR-led group

Aug 25 (Reuters) - Australia's Ramsay Health Care Ltd (RHC.AX) said on Thursday it received a "meaningfully inferior" alternate proposal from a group led by KKR & Co (KKR.N) that would allow it to retain a 37% stake in its Paris-based unit Ramsay Generale De Sante (GDSF.PA).Ramsay currently owns over 52% shares in the Paris-based Ramsay Generale De Sante (Ramsay Sante). If accepted, the alternate offer would give the consortium a 15% stake in the hospital operator, while Ramsay shareholders would retain the balance. read more In April, the consortium comprising of private equity giant KKR and Australian pension fund HESTA, among others, made a cash offer of A$88.0 per share - valuing it at around $15 billion - and had been allowed due diligence on a non-exclusive basis.Register now...

EXCLUSIVE Malaysia’s Tenaga plans $1 bln IPO for power business, sources say

12Aug

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Business

EXCLUSIVE Malaysia’s Tenaga plans $1 bln IPO for power business, sources say

A view of Tenaga Nasional Berhad headquarters in Kuala Lumpur, Malaysia, October 13, 2015. REUTERS/Olivia HarrisRegister now for FREE unlimited access to Reuters.comRegisterSINGAPORE, Aug 12 (Reuters) - Malaysian electricity utility Tenaga Nasional Bhd (TENA.KL) plans to set begin the process next year for a potential $1 billion listing of its power generation business, sources close to the matter told Reuters.In what would be the country's largest initial public offering (IPO) in a decade, TNB Power Generation Sdn Bhd, known as TNB Genco, could be valued at about $4 billion, the sources said, declining to be named owing to the confidential nature of the matter.Proceeds from the offering will be used to grow TNB Genco's renewable energy portfolio, they added.Register now for FREE unlimi...

Lift-maker Otis agrees to sell Russia business to local investment firm

27Jul

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Business

Lift-maker Otis agrees to sell Russia business to local investment firm

This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, July 27 (Reuters) - Lift-maker Otis Worldwide Corp (OTIS.N) said on Wednesday it had agreed to sell its Otis Russia business to Russia-based investment company Ice Development."After carefully considering the global impacts and consequences of the ongoing crisis and humanitarian tragedy across Eastern Europe, including supply chain disruptions and mounting regulations, we determined that Otis' ownership of our business in Russia is no longer sustainable," Otis said in a statement.Scores of companies have opted to exit Russia or announced plans to do so since Moscow sent tens of thousands of troops into Ukraine on Feb. 24.Register now for FREE unlimited access to Reuters....