Bank of America has provided further evidence it is recovering from its protracted post-crisis malaise after it brushed aside a $2.9bn tax-related charge and a $292m loss suspected to be from the Steinhoff scandal to generate $2.4bn in quarterly profits.
Rio Tinto and two former executives are seeking to have fraud charges brought by US regulators dropped, arguing that they did not cover up a bungled coal deal in Mozambique while the company raised billions of dollars in the bond market.
The European Bank for Reconstruction and Development again shrugged off the impact of a financing freeze to Russia, formerly its largest investment destination, to report another year of record lending of €9.7bn in 2017, up from €9.4bn in 2016.
Saudi Arabia will inject $2bn into Yemen’s central bank to support the country’s national currency “with the aim of boosting Yemen’s financial and economic situation,” the kingdom’s state news agency reported Wednesday.
Cryptocurrencies faced further pressure on Wednesday after one of the most severe routs of the past few years, underlining regulators’ warnings over intense tumult in the nascent digital currencies market and sparking pockets of concern among enthusiasts.
European Commission president Jean Claude Juncker on Wednesday extended Donald Tusk’s offer to let Britain stay in the EU, telling MEPs that he would be happy to facilitate its re-entry into the union after Brexit goes ahead.
Top French and German economists have called for a revamp of monetary union, backing an ambitious set of proposals that range from a rainy-day fund for troubled member states to a pan-European asset as an alternative to sovereign bonds.
Shares in Informa dropped more than 8 per cent on Wednesday after the events and business media group disclosed the terms of its offer for rival exhibitions group UBM.
The deal, which gives the target an equity value of £3.8bn and is supported by the UBM board, would see UBM shareholders receive 1.083 Informa shares and 163p in cash for each of their shares — a premium of around 30 per cent based on the closing share prices of the companies on January 15, Informa said.
Acquisitive industrial conglomerate Melrose has turned hostile in its £7bn pursuit of engineering group GKN, going straight to its target’s shareholders after its initial approach to the board was rejected.