Investors in a group led by rail operator Ferrovie dello Stato SpA are evaluating the financial needs of the “new Alitalia” that would emerge after the second bankruptcy process in a decade, said the people, who asked not to be named because the discussions are private. The plan will be discussed with Delta and EasyJet this week and could be finalized by the end of February, they said. The new Alitalia would retain assets from the previous carrier, but debt wouldn’t be carried over, according to the people.
Futures in New York on Monday rose to the highest intraday level since Nov. 20, after advancing 5.4 percent last week. Prices were also supported as Saudi Arabia pledges to cut its crude output beyond the level agreed with OPEC+ producers. "OPEC+ supply cuts are in the driving seat of further recovery in oil prices with Saudi Arabia leading by example," said Giovanni Staunovo, a commodity analyst at UBS Group AG in Zurich.
HNA has since lost its seemingly insatiable appetite for growth, embarking on a selling spree after debts spiraled out of control, while Deutsche Bank shares tumbled by more than half to record lows after investors lost faith in its turnaround strategy. Fortunately for the Chinese investor, most of its German holdings were hedged against losses, allowing the firm to unload some shares this month at 16.70 euros apiece -- more than double Deutsche Bank’s latest price.
The company, which counts Temasek Holdings Pte as its biggest shareholder, is considering whether to more aggressively pursue growth through acquisitions, the people said. Deutsche Lufthansa AG has started a sale process for its LSG Sky Chefs catering arm, people with knowledge of the matter said in December. Last summer, Temasek and RRJ Capital agreed to invest about $1 billion in Swiss airline caterer Gategroup Holding AG, while HNA Group Co. has been seeking a buyer for cargo handler Swissport International, Bloomberg News previously reported.
HNA’s C-Quadrat unit exercised options to sell 26.8 million Deutsche Bank shares for 363.4 million euros ($410 million), reducing its ownership to 6.3 percent, according to a filing with the Securities and Exchange Commission. The shares were sold at prices ranging from 11.45 euros to 16.70 euros apiece, far above current market prices, because the Chinese group had hedged its investment in Deutsche Bank with put options. The deal marks the latest disposal for HNA, which was one of China’s most acquisitive companies until it began facing liquidity challenges and pressure from the ...
Chinese conglomerate HNA has cut its stake in Deutsche Bank to 6.3 percent, according to a filing with the U.S. Securities and Exchange Commission. HNA, even with the reduced holding, would remain one of the largest shareholders in Germany's largest lender. Spokesmen for HNA in Germany and Deutsche Bank declined to comment.
Instead, the consumer-relief money will be spent on originating new loans, according to the Feb. 13 report by the bank’s monitor, Michael Bresnick. The decision reverses pronouncements by the bank and the U.S. Justice Department that some of the funds -- part of an overall $7.2 billion settlement over bad mortgage bonds sold before the 2008 crisis -- would go to aiding people who were in imminent risk of defaulting on their mortgage payments, have especially high interest rates or owe more on their mortgage than in the value of their home. The change in plans “may disappoint distressed ...
Germany's two leading SME business associations publicly opposed a merger of Deutsche Bank and Commerzbank on Friday, arguing a combination could curb competition. German Finance Minister Olaf Scholz has dismissed media reports that the government is pressing for a merger of the country's two main banks before May as "speculation". Germany's Mittelstand, as its small and medium-sized firms are known, make up more than 99 percent of all registered companies in Europe's largest economy, account for more than 97 percent of exports and employ about 60 percent of its workforce.
German financial watchdog Bafin has extended the mandate of its monitor at Deutsche Bank over the bank's role in a money laundering scandal involving Danske Bank. Deutsche Bank acted as a correspondent bank for Danske Bank in Estonia, meaning it helped transfer funds on behalf of the Danish lender from Estonia to places like New York.
The telecoms industry has called on European governments to join mobile operators in establishing a testing regime to protect network security without having to resort to the disruptive step of excluding vendors from the market. The initiative by the GSMA, which represents 800 operators worldwide, comes as the United States steps up pressure on its allies to ban China's Huawei on national security grounds. "Such significant consequences, intended or not, are entirely avoidable," the GSMA said in a statement issued just over two weeks before it hosts its annual Mobile World Congress in ...
Estonia and has widened the remit of an independent auditor installed in 2018 at Germany’s largest lender to look into the case. In a statement issued on Friday, BaFin said it ordered Deutsche Bank on February 15 to “review its group-wide risk management processes in the area of correspondence banking and adjust them where necessary” as “a measure to prevent money laundering and terrorist financing”.
Near the Bank of England, there is a statue of George Peabody, “American philanthropist and great benefactor of the poor”. Wall Street was then a poor cousin to the City in investment banking, but those roles have reversed. The place for financiers to seek fortunes is New York, rather than London or Frankfurt.
BERLIN (Reuters) - Both Deutsche Bank and Commerzbank have fairly low stock values which naturally exposes them to possible takeovers from bigger financial institutions, German Deputy Finance Minister ...
Germany's economy stalled in the final quarter of last year, just skirting recession as fallout from global trade disputes and Brexit put the brakes on a decade of expansion amid signs that exports will stay subdued for the time being. Gross domestic product in Europe's biggest economy was unchanged for the quarter, the Federal Statistics Office said on Thursday.
More than 15 years ago, Air France and KLM merged to become Europe’s largest carrier. But the combined airline, no longer the continent’s biggest, still operates with two fiefdoms, one in Paris, and the other in Amsterdam, keeping it from leveraging the efficiencies shareholders covet. You might blame national pride. KLM, the Dutch airline, has […] The post It’s Time to Let Air France-KLM’s New CEO Take Charge appeared first on Skift.