London (Business Emerge), September 5: Upcoming changes in Britain’s tax regulations concerning the private equity sector may prompt wealthy executives to seek opportunities outside the UK, according to CVC, a leading private equity firm. The government’s latest discussions on modifying tax breaks for carried interest—the fees earned when assets are sold—have sparked concern within the industry. This debate comes ahead of a broader fiscal announcement expected from the new Labour government in October. Fred Watt, Chief Financial Officer at CVC, expressed optimism that the government would consider the sector’s concerns. “I believe the government would not want the UK to…
Author: James Peterson
Washington (Business Emerge), August 16: In a significant regulatory action, several major Wall Street firms have agreed to pay over $470 million to U.S. authorities to resolve allegations of breaching recordkeeping regulations. The settlement addresses civil charges concerning the firms’ failure to maintain proper documentation of work-related communications. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) revealed the settlement on Wednesday, highlighting the involvement of prominent financial institutions such as Toronto-Dominion Bank’s TD Securities, BNY, and Truist. These firms faced scrutiny for not adhering to rules that mandate the retention of all work-related communication…
Moscow (Business Emerge), August 16: In Russia, a new unspoken rule seems to be in effect: steer clear of associating the ongoing conflict with the recent decline of the rouble. Despite the currency’s 9% drop against the U.S. dollar, which coincided with Ukraine’s unexpected strike on the Kursk region, Russian media and analysts from state-controlled banks have largely avoided drawing a direct connection between the two events. The decline in the rouble began on August 6, the same day the Kursk region experienced its most significant foreign attack since World War Two. The rouble reached its lowest point in 10…
Sydney (Business Emerge), August 16: National Australia Bank (NAB), Australia’s third-largest lender by total loans, revealed a decline in profits for the June quarter as rising inflation drove up expenses and intensified market competition. Despite these challenges, the bank’s core operating margins remained stable, which positively impacted its share price. As the leading business lender in the country and a significant player in the mortgage market, NAB expressed concerns over a worsening in its business banking portfolio. The volume of “non-performing” loans has reached its highest level in over two years, signaling potential challenges ahead. In its limited third-quarter trading…
Hong Kong (Business Emerge), August 16: In a significant shift within China’s auditing landscape, Ernst & Young (EY) and KPMG have emerged as the primary beneficiaries of a widespread exodus of corporate clients from PricewaterhouseCoopers (PwC). This departure comes amid an ongoing regulatory investigation into PwC’s auditing practices, particularly its long-term involvement with the embattled property giant, China Evergrande Group. Chinese regulators initiated a probe into PwC’s auditing of China Evergrande after the securities regulator accused the developer of a $78 billion fraud in March. PwC had been the auditor for Evergrande for nearly 14 years before their partnership ended…
Frankfurt (Business Emerge), August 16: In a recent development in the ongoing legal battle over Deutsche Bank’s acquisition of Postbank, plaintiffs have rejected the bank’s proposed settlement offer, terming it as insufficient. The settlement proposal aimed to resolve a series of lawsuits from shareholders who claimed they were underpaid during the takeover of Postbank, Germany’s largest bank. The litigation, which has clouded Deutsche Bank’s reputation for years, saw a significant shift in April when a Cologne court appeared to side with the former shareholders. This turn of events forced Deutsche Bank to allocate €1.3 billion ($1.43 billion) in anticipation of…
London (Business Emerge), July 25: Starting September, new regulations will make it more challenging for banks in Britain to close branches. Banks must now demonstrate to regulators that local communities have alternative, free access to cash before they can shut down a branch. The Financial Conduct Authority (FCA) released final “access to cash” regulations on Tuesday, responding to lawmakers’ concerns that branch closures adversely affect vulnerable individuals and residents in rural areas. These closures make it harder for people to access cash for everyday transactions. Between 2021 and June 2023, a total of 1,358 bank and building society branches were…
Mumbai (Business Emerge), July 25: Axis Bank, the fourth-largest private sector bank in India by market capitalization, reported a first-quarter profit that was lower than expected due to increased provisioning for potential bad loans and a decline in asset quality. For the quarter ending June 30, the Mumbai-based bank recorded a net profit of 60.35 billion rupees ($721.2 million), reflecting a 4% year-on-year increase. Analysts had forecasted a profit of 64.50 billion rupees, according to LSEG data. The bank’s provisions for potential bad loans and unforeseen losses surged by 97% from the previous year, reaching 20.39 billion rupees. The gross…
Chicago (Business Emerge), July 25: CME Group has reported a remarkable performance for the second quarter, significantly exceeding analyst expectations. This achievement is attributed to record-breaking trading volumes as investors sought to manage risks amidst ongoing geopolitical and economic uncertainties. The heightened market volatility has driven a surge in CME’s average daily volume (ADV) for the quarter, marking the highest ADV ever recorded for a second quarter. The ADV increased by 13.5% year-over-year, reaching 25.9 million contracts per day. This uptick reflects the market’s heightened need for risk management solutions. Revenue from clearing and transaction fees, a major revenue stream…
Madrid (Business Emerge), July 25: Santander has elevated its profitability targets following a stellar performance in its primary retail operations. The strong growth, particularly in Spain and Brazil, has effectively counterbalanced some setbacks in the UK and the impact of hyperinflation in Argentina. As the second-largest bank in the Eurozone by market capitalization, Santander has traditionally leaned on its Latin American operations for revenue expansion. Recently, the bank has also reaped benefits from increased European interest rates. Despite some depreciation in Latin American currencies, Santander achieved a 20% year-on-year increase in net profit, reaching a record 3.2 billion euros ($3.47…