22 Burst results for "Unicredit"
UniCredit CEO Mustier ruled out of HSBC role
"And unicredit CEO John Gavin was the eight hundred M. south of running for HSBC's Tom job according to sources he's decided to stay at the Italian Grand Prix shows that tumble since Britain but reported that he was the site content to become HSBC chief executive the Financial Times reports that must see a phone ages C. chairman mark Tucker on Sunday tell him he was no longer interested in
Italian bank UniCredit to cut 8,000 jobs by 2023
"Not unicredit we heard from Italy's largest bank this morning about plans for the future including a big by back and also the job cuts so how's it looking so yes if we'd have a look at the banking index day in Europe unicredit's jazz doing quite well that this took gayness the moment of more than one percent this is part of the bank's new for yes strategic plan and it's also pot facing to cost a thousand jobs which is more than nine percent of the work force and see as to size types focus on further simplifying the structure of the business improving capital
"unicredit" Discussed on FT Banking Weekly
"The chef prices full on almost ninety percent and return on equity has dwindled to about one percent, one still imagines deutscher and commerce is preferred combination of the journal government who are of course, operating behind the scenes to try and recreate what they've called a national champion, which some people find funny considering the policy state of both lenders. But the fact that unique credit and potentially others as well. Like, I n g o BNP. All there waiting really does add pressure on deutscher to make this work. Make this what quickly you can see by the reaction of the chef prices off the David great scoop this week deutscher and UniCredit Hsieh's both fell but Commerzbank. Gwen up about three point five percent. So clearly, there's one winner in this battle over Commerce, Bank and investors still GPS on the logic of sort of cross-border European banking merger. It's one that we will probably find a lot more about in the coming couple of weeks. Because as you say the pressure is on an comments to get something done relatively quickly on this. We will keep watching. Thank you to that. Let's move on to all second story and a look at standard charted, so Carolina a very big fine. Yeah. That's right. Say stunned charted will pay one point one billion dollars in total in fines various enforcement agencies on both sides of the Atlantic. And that's over allegations that it violated Iranian sanctions. Once again has to be said because oversee choosed as fine comes seven years after Standard Chartered I entered a DP over similar allegations back in twenty twelve is a deferred prosecution agreement, which means that as long as they didn't do it again, then they wouldn't get prosecuted, but they were find of repeated their actions. That's right. So recidivism is one element of the size of this particular fine. And one reason why the regulators found this particularly troublesome. So the Bank said on Tuesday that this defer. Prosecution agreement that they have with US agencies will have to be extended now until twenty twenty one. So that's an added headache ready for the Bank. Yes. Because impractical terms that means they have monitors so-called inside the Bank making sure that they know up to any dodgy dealings, and they just have to be much more cautious about the way they operate. But that's right. I mean, they did say that they don't have to enter into any new monitor ships as a result of the announcement. But you're right in that essentially is giving them a yellow card, and if they violated again, it does mean that regulations can once more spray, the book them and indeed criminal prosecutions might follow on balanced, though. It feels like this is a weight lifted from the shoulders of Lewinsky's, the chief executives Donja alongside other challenges at the Bank is facing. Not least an inability to generate the kind of profits that you might expect of an emerging markets focused Bank. Having this legacy issue taken away. Seems to have given shareholder some comfort..
"unicredit" Discussed on FT Banking Weekly
"We have David Crowe are banking editor and Laura Newnan are US banking. It's joining us from New York this week. We'll be taking a look at comets Bank. As UniCredit tries to spoil the Deutsche Bank party, also Standard Chartered pays a big fine in the US. And finally, look at USD regulation re-regulation how foreign banks I though to that comets banks story and David few days ago. We broke story about UniCredit waiting in the wings to try and bid for Germany's second-biggest listed Bank, even as talks are ongoing between comets and Deutsche Bank. Interesting cheeky from the Italians. Yes. We've known that the chief executive of unique credit pm. DA has been interested in Commerce Bank for some time. Indeed, he's made some over chores in two thousand seventeen where told and decided not to proceed then for two reasons first there was a lot of opposition among German politicians and second he had his hands full that unique credit which has been going through a pretty extensive restructuring. Now that's nearly finished. And Mr. Mista is betting that the donor Bank Commerce Bank merger negotiations could fall apart. And if they do comment Bank will then be in play. And so what once seemed unthinkable could be doable. And of course for UniCredit. They could spin this as some kind of alternative German banking champion couldn't they because they already have a big lender of their own in Germany HB, which they bought several years. Ago and combining that with comments could be an alternative champion. Yes. And I think they think this is one of the best arguments. The Deutsche Bank Commerce Bank deal is likely to result in tens of thousands of job losses..
Equities rally slows as trade talks continue in Washington
"Let's start with banks. I'll let you take it over from here. Let's start with comas Bank. The the bank's index. Hey, so we had this report for the financial times that UniCredit considering preparing a bid which would according to. This would involve them building up his taking comes back and then combining with their own German unit if the deutscher mindue falls through and it's worth noting this morning. We also had a story that as far as it goes most size of the political spectrum in Germany seems to be giving a big thumbs down the Deutsche Bank, Commerzbank merger possibly could endanger for some point this year and UniCredit may well step in. Yeah. And the reaction we're seeing Deutsche Bank opening up down some eight tenths of a percent on the flip side. You're seeing Commerzbank actually one of the best performers on the stock. Six hundred right now of three point three percent. So we're seeing some reaction coming through the early doors. Let's talk about stocks related to the potential outcome on Brexit as well. What are you folks? It's becoming almost impossible now to predict what stocks are going to be based on bracing on the anything. Hey. That's not too far off. I mean, you would think is just talking about Bill went through actively blocking a no, do you could argue this adds more uncertainty because of course, everything agreed with the EU which seems to get forgotten when we talk about Brexit, but this morning a lot of the companies you would expect he benefit from. This says government contractors some of the domestic pencil Lloyd's, for example is much lower this morning down. But we also have a couple of going up. So some of the house Bill does Berkeley Barra. Their arising robot of Scotland is this morning completely mixed reaction. No greater action for breakfast, sensitive stocks this morning. I just want to bring some headlines coming through. Because of course, what we were expecting today was the listing of Merced drilling. So this, of course, a demerger happening from AP Mullah mercy. Api immerse shares by the way, falling some ten percent after that Moore, sterling demerger and looking at most rolling shares. They have been valued at twenty three point nine Bill. Danish kroner in the Copenhagen debut. I think that's the latest number. We've got but we'll come back to that. And update you as those numbers come through one. Keep an eye on saga talked to us about that. Yes. Saga pretty comprehensive profit warning from saga today. So the profit warning for the coming year there will say writing down assets changing the structure their business with the right downs mainly to do with the insurance business and they cut their dividend. So basically, everything you could possibly do to make a shell somewhat upset and indeed shares down thirty seven percent right now and actually fell a little bit more than just the they are going to be a day very much in the
"unicredit" Discussed on FT Banking Weekly
"They said you're gonna raise a new type senior debt, which will rank below that. We're gonna make that bullet proof that unbelie pref-. So all your old senior debt is now at risk. Now. People joke that this was done with Deutsche Bank mind because tending event like Deutsche Bank. They have to race thirty billion of new funding is a toll ask. But what it does mean is that banks shouldn't be under pressure to raise this type of funding. They've got loads of it. So unlike most other banks in Europe, which have a big quantum to raise over the next two or three years. Exactly. And that's where the contrast comes of UniCredit UniCredit hot to pay that rate because it didn't really have enough of this stuff in Italy. It's a new thing. It didn't have the luck. Sherie of Deutsche Bank of having all of its old debt redesignated this way. So it's a real pet scratcher or round, and it can be read it in different ways of them, not very positive for your Bank. Let's go over now to Michael hunstler who is credit portfolio manager at a synagogue on as manager in Germany, Michael thanks so much for joining us. What's your perspective on this? I think those generally surprise in the market that deutscher issued at such a high coupon an questions about why they did that. What's your perspective? Of course, that's been kind of eyebrow raising that Dr Ben came with a Molly trend is you in non non preferred space, actually, you know, sorta spread by comparison was quite high and indicates that there has to be certain premium on these new issues in order to get the deal done, which of course, is a priority for dodger Bank and looking at the current sedation. You know, as much as I I can see are comfortably above the so called emerald requirement, which means they have to have in place so called bail in the Bell Securities, so call it in non preferred in order to comply with regulation. So they talk about twenty one billion. So there's no immediate need to issue. Nevertheless, they also have some materials and two thousand nineteen sixty billion or seen a non preferred. So there's certain logic. And of course know, it's probably not a bad idea to get this done at the start of the year. Nevertheless, it came as a surprise to me. Do you see this as signalling their concern perhaps about the stability of the markets for the rest of the year, perhaps more sending a signal on that than actually on Deutsches own problems, which are obviously being well advertised clearly know systemically concerning problems right now, no one thinks that running out of liquidity overrunning of capital, but they clearly do have some operational challenges. Which do you think it is kind of macro or the micro probably more about the broader market today's and given that two thousand eighteen has been a very difficult here. And in particular, the last water, you know, the market was more or less shot. So from that perspective. Of course, they didn't debate that windows has been open again and therefore mad at us of the opportunity. I I don't think you know, it's more specifically towards deutscher first of all on the capital. They are than European context. They have okay sound capital or celebratory looks. Okay. And even so the last qu. Results have been somewhat. This appointing on the running side after in very strict on mentioned costs and saving as a CEO gave a bit of an upbeat outlook. And therefore is not exactly that Deutsche feuds that they might have difficulties in other issues in non prefer this probably more about the market..
"unicredit" Discussed on Bloomberg Radio New York
"Karen? Aaron thank you. Watching. Shares of target down about eight tenths of a percent right now it did report. Comparable sales grew five point seven percent of the November December December period beating some analysts estimates fourth quarter com. Sales at around five percent. And that's right around what analysts were looking for futures are lower s and p futures down twelve points. Dow futures down seventy nine as futures down thirty five in the ten year treasury at three thirty seconds yield two point six nine percent. That's a Bloomberg business flash. Tom and John thank you so much Karen greatly. Appreciate that this morning. Jennifer, ruin charm. Keen with terrific news flow across economics. And of course, fedspeak today chairman, Paul speaking with David Rubenstein, the economic club of New York and two items of morning before we bring in her in bundles of UniCredit, and that is capital economics over in London severely marking down there e you outlook John to one percent like one point zero percent. And then we just heard Mark Kiesel pimco and within the wonderful jokes about. They're supportive your product. The real yield is I'm sorry. He's got a pretty gloomy view on the American economy return to trend growth and join a big distinction between and recession reverse where are we with UniCredit? What have you done with your your are you marking down your GDP numbers for America? No. And I'm afraid we're even more gloomy than than bitcoin because as you just said and hurt so pimco expects a return towards potential. We think we go below potential in the second half of this year and even further down twenty twenty so that we could see a recession there. So that is. When you say, we'll see a recession there, are you talking NBA a recession. What's the catalyst for that? The catalyst is. Well, I mean, we have been hearing frequently enough that recovery is don't die of old age most recently by burning he on Friday. Yeah. But we got knowledge that we are towards later part of the cycle. We seen. I think closed output gaps it's getting technical. But I know you like it here on the show. So we enclosed output gaps around the globe machine grow slowing down signs of fatigue and the global business cycle the only economy. Well, the only meaningful economy if I could say so that has decoupled sofa was the US, but that's easily explained by huge stimulus program. So that is just mosque. The underlying slowdown that we are going to see here as well. Once the stimulus fates grow slows down and that then exposes the underlying weaknesses, and we think this time the underlying weaknesses in the corporate sector, right? We have too much debt. We have not good ratings. We now we have even lower prices, which is not good for investment spending. So recession we think we'll look similar to what we saw in two thousand one not too bad in terms of real macro. And it comes mostly from the investment side. Why can't productivity pickup? Why can't we have a supply side response in the way this administration thinks we will get one. I think we do probably see a bit of a pickup and productivity just because the supply of labor is being depleted going. We are closer to full employment. And we need actually a pickup. Import activity to sustain some some grows. But. In response to to what the administration has done. I don't think there's anything that translates from the lower taxes less regulation to higher productivity because I don't think we have seen the investment that is the missing link there that will translate politics to the real economy and that hasn't been there. Well, within capital deepening with the new technology. Do we have any sense of what capital allocation is then our society? No that is a tricky part in or they have been refocused on labor. But I'm sorry. The capital deployment is a mystery. Isn't it it is it is? So I mean to some extent we can offset part of the of the lack of availability of labor through artificial intelligence machine. So there's a productivity increase that we see. But of course, you always look at gross rates. So we where we want to see higher growth rates that means that this substitution of labor by capital. If you want is happening at an accelerating pace, there's not enough if it continues to grow at the same pace, there's no pickup in the growth rate the pickup in the gross rate. Only happens when we haven't we have further acceleration. And I don't think this is going to happen. What are you looking for from the chairman like, well, there's a lot of copy and paste, I think. I mean, the tonality. Instead, I think told has been set at the December meeting markets didn't understand what the fed was telling them. I think it was very obvious at that point ready that the fed got rattled markets. Didn't hear exactly the words. They wanted to he has tantrum. And then we had John Williams. And then lastly, the chair coming out and take all right guys. We got it. We will be very careful into everything you want. So given chairman Powell a bit of a free pass is performance of the news conference was let's just say disappointing relative to what he followed up with. It was totally inconsistent with what I saw in the minute yesterday. Well, just in terms of the emphasis, well the emphasis in the minutes is completely different to the emphasis that he delivered in the news conference in December. I mean, I wrote a flesh after the FOMC statement and said, basically exactly what was in the in the minutes that the confidence was rattled. And they have a look at it. I mean, they just change. A few words in the statement. They changed the dots. And from that on it was very obvious. How they thought and what the debate was. Yeah. Powell he said, well, our planet or baseline is that the one thing that markets really hated was that he talked about the rundown of the balance sheet, and you shouldn't have used the word autopilot or whatever can emphasize flexibility, subsequently has. But the fed is always flexible, right? That's what I think Richard Fisher said it a couple of days ago when I don't know what the market has that is normal fat communication, and the fed always takes changing development into because they always do that. And I think it's a bit almost a bit scary. If this goes people who trust professionals in the sector that professionals in the market do not know, what fed communication is that they have a baseline. But they if if the circumstances change the fed changes if enough people don't understand the problem is with the messenger. Not with the individuals receiving the message. There's a real question about champion pals delivery of the last several months never mind just the last month alone. I could continue this conversational day. I'm Ben held joining us.
"unicredit" Discussed on Bloomberg Radio New York
"We check the markets for you. Every fifteen minutes here on Bloomberg radio and really across research. It looks like the bulls route enforced Marcus absolutely free kick it off with the European equities as they are just out of the gates. We are seeing the stock six hundred rising by almost six tenths of a percent less than two minutes into the European trading day, the Footsie-100 higher by eight tenths of a percent. The CAC account advancing by three quarters of one percent. And when it comes to the sector-by-sector breakdown, we're seeing basic resources tech is what it's autos leading the way higher and looking at the US session. So it was a big move to the upside yesterday about a one percent gain at four the S and P five hundred markets you so every industry group a lot of them gaining more than one percent of pop financial. They were flat. That's something to note. And if you look at how the US session could trade today, you're seeing futures move higher. S and P five hundred evenings. Nasdaq and Dow futures all up by about two tenths of a percent. The question for me is is this just a bit of a risk rally. A relief rally may be on. The fact we've got some optimism around trade talks. Always this the market actually repricing the negativity that we saw at the end of last year, and on that note is interesting to look at what's happening in the bond market because the ten year treasury yield has been edging lower today, we're on a two seventy to handle but Wall Street bringing down its ten year. Treasury yield calls for twenty nine thousand nine the likes of Goldman J P Morgan and Bank of America bringing those calls down Goldman now seeing three percent for the ten year. Yield by the end of this year, still high the where we are. Now, of course, looking commodities as well this morning. We're seeing signs of this risk on sentiment racing all process, for instance, WTI higher by almost one point two percent. A WTI above fifty dollars a barrel for the first time this year. We're also seeing metals prices here in London higher. The culprit price on the enemy rising by one point. One percent. Look. It announced we're really seeing this risk on right across asset classes and on any affects spatial seeing dollar weakness. The Bloomberg Dora index is down it's pretty much across the board. But what's interesting to me is you're seeing it in tandem with yen weakness as well. That says something about risk and just a quick check on European bonds. The tenure Boondi yield are going nowhere at thirty basis. Points are talked about Goldman and their ten year treasury your call. They've actually revised down their yield forecasts for global bones for burns as well. So there is still some sort of concern out there about the global outlook. But let's get to our stocks to watch for more on that this morning. We've got Bloomberg stocks that Osama instead with us in the London studio Sam, let's kick it off with Sainsbury's. Yes. So Sainsbury's out this morning retail has been very strong in the last couple of days and the Christmas seems to have been a little bit better for UK retailers than expected. Saints Sainsbury's a little bit soft today, they missed estimates on sales. So they they've dropped by a percent today. Two more names or just want to mention there. Really from the UK retail because we're getting a flood of Christmas updates at the moment. Greg's maker of the vegan associates rose, just launched sausage. You've been there. This has been the talk of the time. Greg. Upgraded the guidance. So they they've popped to the open this morning and the other one source today's Ted Baker fashion retailer, they've got their own problems. They dropped a law at the end of last year with some news around the conduct of their chief executive and founder who is currently I think currently suspended from his job. But they sales were very good over the Christmas period. So it's very possible that they're gonna get a little jump to that as well. All right there. Yeah. Overall, we're seeing those Greg shares higher by more than seven percent as looking at them. Now brings me meanwhile, coming under a little bit of pressure were also watching European chip stocks. There's been a report that essentially apple is cutting back on iphone outputs. Yes this. This is interesting because I was just saying about the the Marcus whether this is just sort of a relief rally in the same much of the bad news is already priced in. You can see that. No better than in the tech sector. We've had Samsung missed estimates yesterday. You've got apple cutting iphone output, according to this report out of Japan. On any normal day. They should knock chips chips dot back. But so much of this bad. News pitch. Swing priced in. Now that actually most chips stocks higher today. And the only one that's falling is a mess, but that's probably because of his critics waste downgrade roller anything else interesting and finding let's talk about banker Cutty j what are you looking at here. Yes. Creature the Italian Bank, which the has essentially put into administration they're looking for a buyer apparently ten different banks they've gone out to look for basically BPM UniCredit BNP Paribas, not saying a huge reaction. And I think banks today are just moving with most of the market, but worth watching all of those names once when someone's picked to take on the Korean mess. Thank you so much Sam instead for joining us in the studio with our stocks to watch always great to have, you know, let's dig deeper into our top stories this morning, and we're starting on the trade notes with a Bloomberg scoop that President Trump is said to be increasingly eager to strike a trade deal soon with China. To help financial markets. Bloomberg's Bryan Curtis reports. From Hong Kong the talks in Beijing were extended for a third day today that alone was considered positive by investors. Then sources told us that President Trump wants a deal to help soothe the markets. In addition. He tweeted that the talks were going very well now since these talks started back in may they have repeatedly yielded no breakthroughs, but with Hong Kong and China stocks rallying around two percent today. It seems investors you're saying this time could be different. In Hong Kong. I'm Bryan Curtis. Bloomberg daybreak Europe. President Trump has dug in his heels over his much-debated border wall telling Democrats he won't compromise despite the government shutdown heading into its nineteenth day in his first ever Oval Office address, Trump blame Democrats for the impasse over funding while calling on lawmakers to end the stalemate and approve his border wall. Democrats in congress have refused to acknowledge the crisis, and they have refused to provide. Our brave border agents with the tools they desperately need to protect our families and our nation. The federal government remains shut down for one reason and one reason only because Democrats will not fund border security. The response from Democrats was immediate and scathing house leader Nancy Pelosi, accused Trump of spreading misinformation and holding the government hostage sadly, much of what we heard from President Trump's throughout this shutdown has been full of misinformation and even malice the president has chosen fear. That was US house speaker Nancy Pelosi. Meanwhile, we have heard from Dublin capitals Jeffrey luck, he's sounding alarm bells on the growth of the US national debt calling it an horrific situation. Couldn't black used his annual webcast to liken the situation to every household in America maxing out three five three five thousand dollar credit cards. He says that could pose a greater threat to the economy than people realize prompt questions about whether the US is really growing at all. Yeah. And you know, what it's really interesting actually, I want to spend a bit of time talking not just about what gun lack said yesterday. But also on some of his calls for two thousand eighteen so in terms of yesterday, he walked three recession indicators, he noted that some are now flashing yellow such as junk bond spreads consumer expectations and home builder confidence. But you know, what if we look back at twenty eighteen so one thing that God lack got right was the negative reversal for the S and P five hundred. He also got his call on emerging markets pretty much, right? But in terms of. A ten year treasuries to know if you remember, but he said if rates on the ten year surpass three percent, then it's truly truly getting over for the ancient bond bull market. And it's interesting that that's not quite worked out. Of course. We've seen yields come back down from that three percent. We were just talking at the top about the fact that a lot of Wall Street has revised down there. Ten year yield calls, but good luck does still think that we're going to see a long-term yield uptrend despite that recent rally in his call on Europe interesting as well. Yeah. Absolutely. And one of the upshots from his perspective is is to go into emerging markets in two thousand nine hundred and something that I really thought was interesting an interesting, call the fromm, Jeffrey, good luck. Now, we also need to talk a little bit about Brexit. We've got to cover that as well. UK lawmakers beginning the first debate on Theresa May's Brexit deal today ahead of a crucial vote. That's now set for next Tuesday. Bloomberg's Tim Ross reports Theresa May has just five working days to convince parliament tobacco Brexit deal in a key. Vote next week. She's warning that politicians who risk at damaging. No deal departure in March. If they reject her Brexit blueprint but on Tuesday nights members of parliament delta blow to may strategy by voting against a no deal plans in London. Bloomberg daybreak Europe. Does your top stories for the latest in global news? Here's Bloomberg's leeann Garin. Leeann good morning, Nara lawmakers in the Republic of Macedonia beginning debate on constitutional amendments to end a decades long dispute with Greece by renaming the country to the Republic of north Macedonia. Bloomberg's love house the details. Give the changes Athens, which has so far objected its neighbors official name as promised to lift its veto over Macedonia's bids to join the union and NATO the deal could still face a final hurdle in Greece where it is opposed by nationalists in government who threatened to leave the ruling coalition Safia Slough off of Bloomberg daybreak Europe, North Korean leader, Kim Jong own talks in dined with Chinese president Xi Jinping for about an hour yesterday. Bloomberg's Peter pay has the details of Kim's a fourth visit to Beijing and more than a year the subject of the talks weren't disclosed. Although local media reports speculated that they talked about a potential suburb between Kim and president. Donald Trump came in. She then had a four hour dinner which included a birthday celebration for Kim who is believed to have turned thirty five or thirty six years old on January eighth and so Peter pay. Bloomberg daybreak Europe. London's Heathrow airport has been reopened after being shot. Four more than an hour by reported drone citing departures were halted soon after five pm UK time, but operations resumed following a police evaluation. The incident comes after drains caused travel kale's at London's Gatwick all pelted just before Christmas and finding Turkish president urged one reveals his frustration by the evolving US conditions for quitting Syria. Bloomberg democrat explains the main sticking point Turkish president register type refused to meet with visiting US national security adviser John Bolton and ripped integral. Puzzles to give can't a key role in Syria. After those journal the delay would restrict anchors ability to launch an offensive against Syrian Kurdish fighters. Instanbul seven democrat on Bloomberg daybreak Europe cable news, twenty four hours a day on Erin at tick talk on Twitter, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Dan guarantees assist. Blame back, Markus. Thanks, very much space a sports..
"unicredit" Discussed on KOA 850 AM
"The weather forecast because I need to get to and from work, and do you need to know what's going on? It's the information you want. It's the information you need. On KOA News Radio. This is a Bloomberg market minute. It was a volatile Tuesday session on Wall Street. Stocks were little changed wanted ended. The Dow Jones industrials fell fifty six points or two tenths percent to twenty six thousand four thirty the NASDAQ closed two points higher the S and P five hundred lost four points. The International Monetary Fund trimmed its forecast for the global economy. And now predicts the rate of growth will come in at three point seven percent for this year or next that's still good says harm band holes. The chief economist at UniCredit three point seven percent growth. The new forecast is not that bad, and certainly in the US things. Look an awful a better the IMF said trade tensions were among the things that considered in making the downgrade the new CEO at Verizon may be considering a top level shakeup of the company. Sources tell Bloomberg Hans Berg is talking to Verizon's. Top leaders some executives describe it as interviewing for jobs. They already hold. Jeff Bellinger, Bloomberg radio. My friends at GRA Vinas window center of Littleton are simply the best when it comes to replacement windows. Now, if you thought about it all summer, but now you're walking by your windows going. Louise, that's cold call this number have GRA Vinas window center of Littleton, come out and tell you about.
"unicredit" Discussed on Monocle 24: The Briefing
"It's currently down about half a percent stocks also being impacted by this risk off sentiment in in amongst traders. The financial times this morning. Reporting that the single supervisory mechanism is seeing that BBVA UniCredit BNP parallel that's three major European banks particularly exposed to the lira's plunge. And as a result, we've seen this stocks drop in Madrid in Paris respectively. Bay currently down mood, full presented, Madrid, for instance. Well, the UK economy has some good news today, but it's not all good news is it's Andro. Now we were all waiting for this GDP print that came out at nine thirty, but it hasn't really been able to lift sterling sterling also being hit by this risk of sentiment currently down about four tenths of a percent. It's because if you look into the numbers look more closely at it, yes, construction and services where were positive in the three months to June. They were lifted by that warmer weather, and this did boost the economy by North Point, four percent in the second quarter. And this compares with the lower no point, two percent in the first quarter. But the is saying and warning in fact that underlying growth still remains modest manufacturing is falling back from its high point at the end of last. Ears. Well, and we saw the trade deficit in the UK widened further in that quarter to so generally not an overall pleasant picture. Well, finally center, let's look again at tesla is being something we've been talking about a few times this week. It's almost a saga. I don't really want to know. I don't really know what we want to know how it ends. In fact, tell us more what's happened now. I wish we all had the onset attests that. I mean, it's just been a roller coaster for their shares this week. I mean, yesterday we saw them drop in US trading and then in after hours trading in the US it started to rally the tesla Hsieh's t the test talk. Sorry this is on the back of a CNBC report that direct does a planning to meet with financial advisers next week and a likely to tell the company's founder, Elon Musk to recuse himself while they mull his proposal. This is a proposal to take electrical vehicle maker, private. We also know that that SoftBank which had there has been speculation that they were potentially helping with. This plan of commented on it, and they told Bloomberg overnight that if there was any such plan, they would be involved all that they would not confirm that they have previously been involved in said Tokes still a lot of speculation on whether or not Tessa could be going private and whether or not the poor will make that decision next week and it all started with a tweet. Some people really would be better off without when they Sandra Kilhof. Thanks very much for joining us from Bloomberg. You're listening to the briefing. Ten past the hour here on the briefing Brazil's presidential candidates held their first televised debate last night at went ahead without the participation of the front runner and former president Louis in nuncio Lula Decio over because he's currently in jail. Monaco's Wendo Augusta Pacheco, stayed up late to watch it, and he joins me now in the studio fanatic, rise and shine..
"unicredit" Discussed on KBNP AM 1410
"Here in europe more broadly how do i how do i play europe how do i think about this talion story is developed how do i think about the potentially exiting the program because it comes to me it comes down to the banks to my mind so this morning and tested some polish trading low unicredit little bit larry nikki but if i hit the cb's going to be exiting the program and then by extension raising rates than european banks must look a little bit better i think in the medium term that's absolutely right guy you know what we have to say is if the ap is going to end i e we're going to stop buying sovereign and corporate bonds you would suggest than ten year bond yields should be going up next year right which is good because when bond yields go up european banks tend to outperform they are very rate sensitive and when you see that spread widening between the short end and the long end of the interest rate curve they should make more money it's as simple as that secondly if the then says well we can reduce so we can raise the deposit rate from negative forty basis points back closer to zero again that's also good for the banks because they're paying that forty basis points to deposit cash at the cb's if they get if they're having to pay less to leave money on the that also will help the profitability so these things are clearly in the medium good for banks the italian shatter the talian cloud obviously is what hits your banks in a short term is the italian cloud as it passed some sun seeping through that cloud edmund given given the tone of context speech yesterday parliament maiden speech which was which was populist in tone he's got a another vote today which he'll likely pass has the worst of the last week's to multiple past well i think again if you think.
"unicredit" Discussed on Bloomberg Radio New York
"The potentially exiting the program because it comes to me it comes down to the banks to my mind so this morning and tested some polish trading low unicredit string a little bit but i think the going to be exiting the program and then by extension raising rates than european banks must look a little bit better i think in the mediumterm that's absolutely right guy you know what we have to say is if the ap is going to end i e the easy beginning to stop buying both sovereign and corporate bonds you would suggest than ten year bond yields should be going up next year right which is good because when bond yields go up european banks tend to outperform they are very rate sensitive and when you see that spread widening between the short end and the long end of the interest rate curve they should make more money it's as simple as that secondly if the be then says well we can reduce so we can raise the deposit rate from negative forty basis points back closer to zero again that's also good for the banks because they're paying that forty basis points to deposit cash at the cbc if they get if they're having to pay less to leave money on deposit there that also will help the profitability so these things are clearly in the medium good for banks the italian shattered the italian cloud obviously is what hits your events in a shelter is the italian cloud as it passed some sun seeping through that cloud edmund given given the tone of context speech yesterday to parliament's debate and speech which was which was populist in intone he's got a another vote today which he'll likely pass has the worst of.
"unicredit" Discussed on FT Banking Weekly
"On fem is i guess another delicious piquant detail in this is that visa europe see is charlotte hog who is a former deputy governor of the bank of england well was a deputy governor for about four weeks before she had to step down over a conflict of interest but she of course nice very well had the bank of england walks indeed well it will be instructive to follow the story through hopefully they won't be any more outages anytime soon let's move onto offered and final topic mountain we have the prospect will be perhaps a distant one of a merger between italy's unicredit and francis societa general as we reported this week it's a deal that the unicredit ceo's on pms j seems to be quite keen on partly for personal reasons he used to work at so jen and as a frenchman but also there is an industrial logic in combining these two banks and creating a much bigger european institution what do you think the prospects for this deal especially given the tumult politically in italy of late just isn't side i think it's interesting this idea of bank chief executives being interested in doing deals with anchor they used to work because we had a similar story with barclays and standard chartered and joan mcfarland the chairman of barclays who's the orchestrator of that idea used to work at standard chartered so now you've got sean payton stay at unicredit looking longingly towards his former employer socio how across the alps in france however given the current political situation and the state of markets in italy i think most people are pretty skeptical about the prospect of such deal happening anytime soon i would give three main reasons one is the market turmoil that we saw last week if there's repetition of that or if that volatility in markets increases the italian banks are big holders of italian sovereign bonds so that kind of volatility feeds directly into their credit worthiness and their stability secondly the populace government is dominated by antiforeigner feeling so the idea that this antiforeign populist government could somehow engineer a massive sixty billion plus euro merger with french bank under the much more open and pro.
"unicredit" Discussed on KBNP AM 1410
"The forties merger it was like a three way rip up wrapped around all sorts of regulation in nationalistic interests if we look at the forecast experience what does it tell us about what we're going to see in the next twenty four months experienced during the crisis he i mean does very very different circumstances i think you know the the regulation at the moment is very penalizing towards large institutions to begin with the larger you are the more capital that you have to set aside for the business and therefore it makes it very very difficult for these larger tieups to come to come across coming on because you're gonna have to be generating much grace tons for those to make any sense so the regulatory environment the moment makes it very difficult it makes it difficult just to jump on the things that'll be inconsistency hit because these c would actually quite like this kind of tie up to happen so why aren't they creating the regulatory conditions for it to happen well that is a very good question and one for them and there are other regulatory hurdles specific to the eu if you look across the euro zone countries still tend to be very nationalistic and their approach so even though you have a single regulator in the form of the european central bank money around freely so few unicredit and you have deposits and in germany the fast you can't read the tournus saudi those deposits in business initially so there are very specific quite rules getting away emerges suction and put everybody out of their misery looney beginning a very dominant player domestically which might be it might be difficult and you'll to potential overlap in the banking side of things both banks have been associated potentially with entrust in commerzbank because germany is economic engine is one market where the incumbent doesn't seem to be doing a good job making much money but still tried to interest from the outside the newer gency and deutchebanks thirty seconds so lisa what's a new urgency on deutsche bank in the last four five days i think it's more of a question of this quarter and investors wanting to see the causing measures being executed i guess get a better sense of what clients doing water mortar what's the sticking with them are they bringing more business and we'll learn more about that with the second i'm gonna put the.
"unicredit" Discussed on Bloomberg Radio New York
"Meeting later this week is important us allies and rivals alike hope president trump will change his mind on terrace in the next few days if not the european union and canada have promised retaliatory measures in italy the new populist government has one final hurdle before trying to overhaul european union rules parliamentary approval will be selfish wait for the cabinet of prime minister giuseppi giuseppi conti medallion bonds are climbing for a fourth day and heading for the longest run of gains since march italian bank unicredit is reportedly considering a merger with french lenders who say the general bloomberg sebastian sadler joins us live from london with details good morning sebastian good morning karen and bob yeah this would combine two of europe's biggest banks at a time when the region's lenders are under performing relative to us rivals it was reported in the f t that said that unicredit ceo john mcstay has been developing the idea for several months but he told bloomberg back in september that unicredit had no major disposals or acquisitions incite through to twenty nine teen the delays report to be an early stage may be challenged by recent political turmoil in italy it's already pushed back the potential timetable for a deal from an original plan of eighteen months in the markets you've got unicredit trading higher by about seven tenths of a percent and stockton up by more than two percents in london i'm sebastian sonic bloomberg daybreak sebastien thank you buyer known as bear here in the us says it will complete its acquisition monsanto by this thursday it will also raise as much as thirty billion dollars in shares and bonds to fund the purchase viral drop the monsanto name but the acquired products will retain their brands i steal news microsoft is said to acquire the coating site get hub bloomberg sean tucker joins us live with details good morning john good morning bob sources tell bloomberg radio could be announced as soon as today san francisco based get hubby is the.
Australia's largest bank agrees to pay $531 million fine
"Sixty one the highest since two thousand fifteen we knocked off three percents of oil last week also by the way told her positioning you're just seeing the bears run for the hills the moment in terms of their overall position excuse me the net longs running for the hills in terms of their positioning those are the markets let's get your first word headlines yvonne man is tiny by yvonne menace thank you donald trump's lawyers says the president's thirty to influence an investigation into his actions is broad if not quite unlimited back in january the white house legal team wrote a special counsel robert muller arguing to the president could not obstruct the russia inquiry because he has the power to terminate the probe or pardon those caught up in it ever rudy giuliani says such action will be dangerous the president of the united states pardoning himself would be unsinkable and it would it would it would lead to probably immediate impeachment get your house senate be under tremendous tremendous pressure president trump has no need to i didn't do anything wrong the us has warning north korea will win relief from sanctions only wanted shown irreversible moves toward denuclearisation defense secretary james mattis met counterparts from south korea and japan and singapore ahead of next week's potential summit he says he expects a bumpy road ahead and insists the west must maintain a tough stance commonwealth bank of australia has agreed to pay a record seven hundred million dollar fine or five hundred and thirty million us overseas stomach breaches of money laundering and terrorism financing laws the lender also admitted further contraventions in risk procedures reporting monitoring and customer due diligence it the deal is confirmed by the federal court a will be the largest civil penalty in australian corporate history the t says italian beg unit credit is considering a merger with francis societa generale move that would combine two of europe's largest financial institutions it's report says unicredit ceo jean pierre steer has been developing the idea for several months with sierra is french and once worked for sock jen the f t sides bankers saying the two companies wouldn't be ready for at least another year net foreign direct investment in egypt dropped almost twenty one percent to one point nine billion dollars.
Social News 4/6 - News VietNamNet
"Newest a three thirty from airbus profit for global airlines is forecast to slide this year after hitting a record in two thousand seventeen this comes from the international air transport association it says global airline profit will fall by twelve percent to thirty three point eight billion dollars because of higher fuel and labour cost and italy's unicredit is reportedly plotting a merger with french rival societa generale the f t says unit credits french ceo has been pioneering the idea for several months although no formal approach has been made we check markets every fifteen minutes here on bloomberg stocks in asia are rallying after a rally in us equities on friday following a robust employment report for may right now in tokyo the nikkei is up one point three percent in hong kong hang seng is higher by nearly one point two percent shanghai composite ahead just one tenth of one percent in seoul the kospi is higher by four tenths of one percent and in sydney the asx two hundred is better by seven tenths of one percent global news twenty four hours a day on air and a tick tock on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm doug prisoner this is bloomberg this is bloomberg finance with john tucker and peggy collar on bloomberg radio.
"unicredit" Discussed on FT Banking Weekly
"Against store in favor of those instruments and calling on the banks and regulators to force changes that would then benefit their investments and that's what's happened here unicredit which is italy's biggest bank by assets and it's an open question now as to what the regulator does what the bank does as to whether they will need to take action that could involve converting these instruments rishard ten years ago into ordinary shares and that would impose very heavy losses of about two billion euros on the holders of these instruments called caches which we think capitalists betting against those instruments and also think betting against unicredit which suffered at more than three percent fall in its shares this morning yet it's one of the biggest as on the milan stock exchange this morning presumably with this story playing into that negative view let me bring in davide sarah from algebra's w thanks for joining us you're in milan right now i think and an experienced investor in banks not least the italian banking sector which you know well maybe give us your view i on the unicredit story and i don't know if you know your rivals at chaos capital what you think of this development well let's say the letter has been sent to be it's something as simple this caches instrument have been issued almost any as ago baby should the free billion bonds and they were backed by three billion equivalent of shares at the point in time so shares will be issued against the bond then this cashews instrument were validated by the nba sm in the last rounds of captain agrees enhance for all intents and purpose this is capital realities actually junior to capitol because basically these bonds that can only pay coupon after three conditions met unicredit mass make a profit on a consolidated basis unicredit has to be evident and after david mass have retained prophets on the balance sheet so you would actually almost.
"unicredit" Discussed on Bloomberg Radio New York
"As you mentioned a number of names at goldman standard shelters in unicredit have been mentioned but what i think is is that this really shouldn't come as any surprise i mean we've seen memories last year of dissatisfaction with john cryan and sent me the share price has underperformed massively in the last year or so i think has down over twenty five percent of that period and the rest of the european banks have been roughly flat in the same time periods so it's no surprise that they're looking at potential replacements just some of the names potentially may come may have come as a surprise we've spent a lotta time you and i aren't you and others a bloomberg talking about how much longer john crime would get we've always talked about it from the perspective of the investor though when would the investor base get restless but they make more noise and put pressure on the board to make a change if feels like the precious coming from within the bank not outside the bank cartoonist the chairman that's driving this it certainly seems that way and that's the message that was coming out of the times report is that that there has been an argument between either between john cryan and the board ever strategy and over a perhaps more radical re over restructuring of the investment bank i think in terms of investors saintly they they can't be happy with the share price performance but i think there's a realization that the enormity of the restructuring deutscher buying cannot be underestimated i mean when john cryan came in it's easy to forget that he was universally welcomed and respected at the time and most people thought that was a very good decision when he was appointed back in two thousand and fifteen and he has since settled most of the.
"unicredit" Discussed on KSFO-AM
"The government and then the third point is so so let's say they boob later met with live there now saying okay fine then there's rachel i'm they're not going to say that bullets if he did those are you say okay well fight but if you criticise football players neelan those are black football players and that means you're racist so you certainly can't do that and the trump half the country for the third point this whole deal say they you criticize trump black people were unicredit it you are going to we're going to criticize whoever's behavior whether it's a black person of email in line that is bs and so the trump happened the new deal the also who fire back no matter what how you are if we feel e and this is to make sure i fully understand your saying this is something that the people being fired back at don't understand because for the longest time whatever public position they talk of bomb or the media subordinate and made it looked like it was the majority position shen and so they've always they've they've grown accustomed to being thought of as never challenged and basically reflecting the majority of public opinion and now they're in a new situation where they're are seeing evidence every day that they don't occupy that position is that in and it did see its yeah run separately exactly in that's why the you know the and i just i just for painted a picture of the trump after coach atlanta set it that way pataki bird but what do you.
"unicredit" Discussed on KBNP AM 1410
"We need to get expert wisdom your david gura with tom keene new york london tenure of renault's it worth us with unicredit their united kingdom and senior global economist is well did you let me as the all american question is governor carney dealing with stecf shen to some extent yes i mean we've got the revisions down to that growth forecast today for this theoren next year and yet inflation let's have changed the full costs was still have this very large overshoot of inflation and it is supply given supply shock which is this brexit vote and the perception of market participants that this is going to lead to a less open economy and consequent needs throughout in has fallen that is that supply shock and supply shops coast i question now we're not at level is very flation is is running away its there were two point six percent yearonyear in our needs that titze peaked at thirty percent later this year sorry that would still be riven the plusminus one percent range of which would force the governor terada estes said a challenge by him why inflations outside of that range but uh it clearly is a a bad trade off for the bank it's not one they can easily deal with it it is higher inflation and a weaker economy i was just struck with the degree to which all of these questions we could thus far have centred on the brakes that issue i guess i should be surprised by that preclude this is something with which the b oh he's got grappling day in and day out even though is the governor said he doesn't have an active role in the process itself touch was a bit about uncertainties here at the governor's saying that's weighing on some businesses across the country is the expectation here from him from you i would i would suppose as well that the the uncertainties are just going to to continue what is going to allay that do you think he i i think that's right i think i mean the key here is the transition periods because what firms have already about is this potential cliff edge which is would be march two thousand nine seeing according to the treaty on european union the.
"unicredit" Discussed on Bloomberg Radio New York
"Will also bring your analysis from dino rennes osita had lead uk economist at unicredit bank in modern and peter west away will join us as well he's the chief european economist at vanguard also on the show today former us secretary of homeland security michael chertoff will join us minute conversation this week went immigration in washington along with stewart glickman he's an oil analyst at sea f r a let's do a quick check of the day this morning sterling right at one thirty to forty six the ft 100 up twotenths of percent futures little changed here in the us the dow closed yesterday force at twenty two thousand sixteen the vix right now at ten thirty four and wti turning it forty nine a seventy one during this first in our bloomberg 1130 at studios charles kanter he he's the founder and senior portfolio measured neuberger berman in a trust kenner great for trick to have you with us here in our studios in new york let me start but he's having you take a look at the lay the land here again we have this a closed above twenty two thousand yesterday symbolism there in in all of that but the what's your sense of how the equi markets are doing at this point i think the equity markets story around the the earnings trump's the rhetoric a hand and as you think about the environment today it looks very similar to that of about two years ago in three years ago the the narrative around nice nice earnings growth low inflation low low corporate bond yields tight credit spreads will reasonably touch credit spreads it just it's been a a really really good environment and it should should should remain so no doubt this been a shift in tone around while we thought washington could deliver the two to the market i think as you think about the rhetoric off to the general election there was tremendous hope that fiscal policy could deliver lots of tailwinds due to the financial markets that pieces of course has not yet played out and send the being pushed back a good amount and let's say the financial markets today believe i like they did three four five six months ago that washington will deliver them almost nothing in terms of of of tailwinds two two to.