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Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), is working on completing his agenda for financial market reform. He aims to make markets more competitive and efficient by lowering the fees charged by intermediaries. Gensler also discussed his priorities, including rules on corporate climate disclosures, equity trading structure, investment management, and private credit. He expressed concerns about the risks associated with the intersection of the banking and non-banking sectors, particularly in the prime brokerage and repo markets. Gensler also addressed the challenges posed by the crypto industry and emphasized the need for compliance with securities laws. [Extracted from the article]

India's economy experienced its slowest growth in almost two years, with GDP expanding by 5.4% in the third quarter of 2024, below the central bank's projection of 7%. This weaker growth is expected to lead to further downgrades in GDP forecasts for the year, with some investment banks predicting growth as low as 6.4%. The data may prompt the Reserve Bank of India to consider cutting interest rates, although Governor Shaktikanta Das has expressed caution due to inflation risks. The slowdown in growth has been attributed to weaker manufacturing and electricity production, as well as challenges such as falling wages and inflation impacting the economy's momentum. [Extracted from the article]

Taiwan has increased its GDP growth forecast for 2025, despite potential disruptions from the return of US President-elect Donald Trump. The economy is expected to expand by 3.29%, up from the previous estimate of 3.26%. While the looming threat of Trump's tariffs could impact Taiwan's trade with major partners like China and the US, there is optimism that tax cuts in the US could boost demand and benefit Taiwan. The country's strong economic performance, driven by high-tech exports, has allowed the central bank to maintain its benchmark interest rate at a 16-year high. [Extracted from the article]

Members of Stifel Financial Corp.'s Swiss equities team have left the firm to join Oddo BHF SCA, with about half a dozen staff in Switzerland giving their notice. The move comes as Stifel has reduced its research headcount in the country, while Oddo is expanding its operations in Switzerland following the demise of Credit Suisse. Oddo has also made recent hires and agreements with other European lenders, positioning itself to attract new clients. [Extracted from the article]

Goldman Sachs Group Inc. has switched sides to advise Aviva Plc on its £3.3 billion takeover bid for Direct Line Insurance Group Plc, after previously helping Direct Line defend against another suitor. Direct Line has rejected the offer as "highly opportunistic" and declined further engagement. The move has raised concerns about reputational damage and potential conflicts of interest in the M&A advisory industry. [Extracted from the article]

UniCredit SpA and Credit Agricole SA are set to discuss a distribution agreement and potential takeover bid for Banco BPM SpA. UniCredit's CEO, Andrea Orcel, aims to win over Credit Agricole's support for the acquisition, while also considering extending the sales arrangement for Credit Agricole's asset management arm, Amundi SA. The proposed deal has sparked interest in the market, with UniCredit's share price rising in Milan and Credit Agricole's in Paris. Both banks have complex relationships with Banco BPM and UniCredit, making the outcome of the upcoming meeting crucial for their future endeavors. [Extracted from the article]

India's economy experienced its slowest growth in almost two years, with GDP expanding by 5.4% in the third quarter of 2024, falling short of expectations. This has led to speculation that the Reserve Bank of India may cut interest rates to stimulate economic activity. Despite concerns about slowing growth, there are hopes for a rebound in the second half of the financial year, driven by government spending and rural consumption. Joblessness, particularly among young people, remains a significant issue in India, impacting the country's ability to leverage its demographic dividend. [Extracted from the article]

UniCredit SpA and Credit Agricole SA are set to discuss a distribution agreement and potential takeover bid for Banco BPM SpA in an upcoming meeting between their top executives. UniCredit's CEO, Andrea Orcel, aims to win over Credit Agricole's support for the acquisition, which could complicate government plans for a new banking rival in Italy. The meeting may also involve negotiations to extend the sales arrangement for Credit Agricole's asset management arm, Amundi SA. Both banks have complex relationships with Banco BPM and UniCredit, with Credit Agricole being Banco BPM's largest investor and UniCredit serving as a key distribution channel for Amundi. [Extracted from the article]

India's economy experienced its slowest growth in almost two years, with GDP expanding by 5.4% in the third quarter of 2024, falling short of the central bank's projection of 7%. This unexpected slowdown has led to speculation that the Reserve Bank of India may cut interest rates to stimulate economic growth. Despite concerns about falling wages and high inflation, economists anticipate a potential rebound in the second half of the financial year, driven by government spending and rural consumption. Joblessness, particularly among young people, has become a pressing issue in India, impacting Prime Minister Narendra Modi's political standing. [Extracted from the article]

China Renaissance Holdings Ltd.'s CEO Xie Yi Jing has resigned after less than 10 months in the position, citing personal and family reasons. Xie, who took over from co-founder Bao Fan, will be succeeded by veteran investment banker Wang Lixing. Bao's absence, due to an investigation by Chinese authorities, has led to a significant drop in the firm's total number of employees and a 60% decrease in shares since trading resumed in September. [Extracted from the article]

UniCredit SpA CEO Andrea Orcel plans to meet with Credit Agricole SA to discuss UniCredit's bid to acquire Banco BPM SpA, in which Credit Agricole is the largest shareholder. The meeting is crucial as it could complicate government plans for a large domestic banking rival, and discussions may include a potential extension of a distribution deal between Credit Agricole's asset management arm and UniCredit. Banco BPM's board has initially rejected UniCredit's proposal for a $10 billion all-share deal with no premium. Credit Agricole has complex relationships with both Banco BPM and UniCredit, being Banco BPM's largest investor and having a distribution agreement with UniCredit until 2026. [Extracted from the article]

India's economic growth has slowed to its lowest rate in almost two years, with GDP growth at 5.4% in the three months to September 2024. Factors such as slumping company profits, falling wages, and inflation have contributed to this decline, putting pressure on the Reserve Bank of India to consider loosening monetary policy. The government's struggle to create jobs for the young population has become a significant concern, impacting Prime Minister Narendra Modi's political standing. Economists are revising their growth forecasts, with some predicting a 6.4% expansion for the year through March 2025, while the RBI maintains a more optimistic outlook of 7.2% growth. [Extracted from the article]

Taiwan has increased its GDP growth forecast for 2025, despite potential disruptions from President-elect Donald Trump's trade policies. The economy is expected to expand by 3.29%, up from the previous estimate of 3.26%. Trade tensions between China and the US could impact Taiwan, which relies on both countries as major trade partners. However, Taiwan's strong performance in the tech sector has helped drive economic growth, allowing the central bank to maintain its benchmark interest rate at a 16-year high. [Extracted from the article]

Goldman Sachs Group Inc. has shifted its advisory role to support Aviva Plc in its £3.3 billion takeover bid for Direct Line Insurance Group Plc, after previously assisting Direct Line in fending off a different suitor. Direct Line has rejected Aviva's offer as "highly opportunistic" and declined further engagement. The involvement of various financial institutions in these transactions highlights the complexities and potential conflicts that can arise in the world of corporate brokering and advising. [Extracted from the article]

Swedish investment firm Nalka Invest AB is reportedly considering an initial public offering (IPO) for its majority-owned medical unit Asker Healthcare Group AB. Banks such as Carnegie Investment Bank AB, Nordea Bank Abp, and Citigroup Inc. are said to be working with Asker on the potential listing in Sweden. Asker Healthcare, based in Stockholm, has expanded its operations across 17 countries with revenues of 15 billion Swedish kronor ($1.4 billion) through an acquisitive growth strategy. Nalka, owned by Interogo Holding, holds a 68% stake in the healthcare unit, with minority ownership by Nordic pension managers AP6 and Ilmarinen. The news of the potential IPO was first reported by Dagens Industri. [Extracted from the article]

The article from Bloomberg.com discusses how falling wages in India are impacting the urban middle class and the economy. Wages have contracted for the first time since the pandemic, leading to a slowdown in consumer spending and corporate profits. The government's ambitious growth goals are being hindered by the wage decline, with calls for interest rate cuts to stimulate the economy. Despite some signs of improvement in rural spending, economists are revising down their growth projections for the country. [Extracted from the article]

Vancity, Canada's largest credit union outside of Quebec, is undergoing a transformation under new CEO Wellington Holbrook. Facing financial challenges, Holbrook plans to revamp the credit union's bank in Toronto and potentially launch a national digital banking product. The credit union aims to expand its affordable housing financing and improve its digital banking experience to compete with larger financial institutions. Holbrook's strategy includes focusing on small businesses and driving margin growth through targeted investments. [Extracted from the article]

Goldman Sachs Group Inc. predicts a significant slowdown in South African inflation next year, with an average of 3.3% and stabilization at around 4%. This forecast contrasts with the 4.2% median estimate of other economists and the 4% forecast by the country's central bank. The investment bank's optimistic outlook on price pressures also suggests a more positive view on interest rates, anticipating further rate cuts in the current easing cycle. Despite uncertainties in the economic environment, the central bank remains cautious in its approach to monetary policy. [Extracted from the article]

Monzo Bank Ltd. has appointed Tom Oldham, a former executive at Brazil's Nubank, as its new chief financial officer in preparation for a potential initial public offering. Mark Newbery, previously the CFO at Barclays Plc's investment bank, will lead Monzo's UK finance division. The digital finance firm, with 11 million customers primarily in the UK, is expanding into Europe and the US, following its first annual profit in June. The recent hires suggest Monzo is strengthening its team with experienced professionals from listed companies as it navigates a changing market environment. [Extracted from the article]

The owners of Apotea AB are planning to raise approximately $149 million through an initial public offering (IPO) of the online pharmacy. The IPO will consist of 28 million shares priced at 58 kronor, valuing the company at around 6 billion kronor. Apotea, founded in 2011, is one of Sweden's largest online pharmacies, offering a range of products and services including prescription drugs and medical advice. The firm is set to debut on Nasdaq Stockholm on Dec. 6, with cornerstone investors already committing to purchase 60% of the offering. [Extracted from the article]

The owners of Apotea AB are planning to raise approximately $149 million through an initial public offering (IPO) of the Swedish online pharmacy. The IPO will consist of 28 million shares priced at 58 kronor, valuing the company at around 6 billion kronor. Apotea, founded in 2011, is one of Sweden's largest online pharmacies, offering a range of products and medical advice. The firm is set to debut on Nasdaq Stockholm on Dec. 6, with Carnegie Investment Bank AB and Skandinaviska Enskilda Banken AB leading the share sale. [Extracted from the article]

UBS Group AG is reentering the Australian wealth management market, focusing on rich women and family offices. With over $30 billion in high net worth money managed in Australia, UBS aims to expand its presence in the Asia Pacific region. The firm faces competition from foreign players like Morgan Stanley and domestic-focused firms, but sees potential in the growing wealth of women and not-for-profits in the region. [Extracted from the article]

UBS Group AG is reentering the Australian wealth management market, focusing on rich women and family offices. With Australia being a key market for UBS, the firm aims to grow the over $30 billion in high net worth money it manages there. The merger with Credit Suisse has allowed UBS to compete with other players in the industry, targeting the growing high net worth wealth in Australia, particularly among women and not-for-profits. [Extracted from the article]

The collapse of Northvolt AB, a Swedish startup in the electric vehicle industry, began when BMW AG canceled a multi-billion-dollar order in June. This cancellation led to a series of events that culminated in Northvolt filing for Chapter 11 bankruptcy less than six months later. The company faced financial struggles, job cuts, and investor losses, highlighting the challenges faced by European industries in competing with Chinese and South Korean rivals. Despite the setback, Northvolt aims to restructure and continue operations, seeking a strategic or financial partner for support. [Extracted from the article]

Citigroup Inc. faced challenges in its wealth business due to outdated technology and underperformance compared to competitors. CEO Jane Fraser recruited Andy Sieg from Bank of America to lead the wealth division, implementing changes such as firing managers, hiring external talent, and upgrading technology. Sieg aims to grow revenue and improve profitability, with a focus on expanding globally and increasing client assets. Despite personnel changes and challenges with technology upgrades, Sieg's client-focused approach has generated optimism within the wealth division. [Extracted from the article]

Citigroup Inc. is undergoing a significant transformation in its wealth business, led by new executive Andy Sieg. Sieg aims to revamp the outdated technology, attract more clients, and increase profitability. The bank is investing heavily in talent and technology upgrades to compete with industry rivals and improve client services. Despite challenges, Sieg's strategic vision and focus on client needs are generating optimism within the wealth division. [Extracted from the article]

UBS Group AG is reentering the Australian wealth management market, focusing on rich women and family offices. With high net worth wealth in Australia growing rapidly, UBS aims to expand its $30 billion in managed assets as part of its Asia Pacific growth strategy. The firm faces competition from foreign and domestic players, but sees opportunities in serving women and not-for-profits as key clients. [Extracted from the article]

Citigroup Inc. faced challenges in its wealth business due to outdated technology and underperformance compared to competitors. CEO Jane Fraser recruited Andy Sieg from Bank of America to lead the wealth division, implementing changes such as firing managers, upgrading technology, and offering retention bonuses. Sieg aims to grow revenue and improve profitability, focusing on expanding globally and increasing client assets. Despite ongoing technology and data issues, Sieg's client-focused approach has generated optimism among staff, with improvements noted in recent quarters. [Extracted from the article]

Chinese exports are expected to reach a record high this year due to concerns over potential tariff increases by President-elect Donald Trump. Economists predict a 7% growth in exports in the final quarter, pushing total exports to $3.548 trillion. The looming threat of a trade war has prompted China to focus on pro-consumption stimulus measures. Despite the surge in exports, import growth has stagnated, leading to concerns about global backlash. China's GDP is projected to expand by 4.9% in the fourth quarter, with expectations of further stimulus measures to support economic growth. [Extracted from the article]

Northvolt AB, a Swedish startup in the electric vehicle industry, faced financial collapse after BMW AG canceled a multi-billion dollar order in June. The company struggled to secure financing as the German car industry faced its own crisis, leading to a Chapter 11 filing less than six months later. Northvolt's bankruptcy protection filing in the US highlights challenges faced by European industries against Chinese and South Korean competition, with the company now focused on restructuring and seeking new partners to continue operations. Despite setbacks, Northvolt's relationship with key customers like Volkswagen's Scania CV AB remains, with plans to postpone certain projects while exploring potential asset sales if necessary. [Extracted from the article]

D.E. Shaw & Co. is looking to sell approximately $400 million worth of assets in Spain, including non-performing loans and real estate, which it has accumulated over the past decade. The US-based hedge fund has enlisted the help of investment bank Alantra Partners SA to find potential buyers for the portfolio. This move follows a trend of alternative investment firms, such as D.E. Shaw, selling off assets acquired from Spanish banks in recent years. [Extracted from the article]

In a unique and challenging scenario at HSBC Holdings Plc, senior bankers are being forced to compete against their colleagues to keep their jobs as the company merges two major divisions. This Hunger Games-style process has created an atmosphere of increased betrayal and competition among employees. Experts advise those involved to strengthen internal relationships, highlight their accomplishments during interviews, and explore external job options to prepare for potential changes. The restructuring, led by Michael Roberts, aims to create a new corporate and institutional banking division by February, with internal politics and pecking orders likely influencing decisions. [Extracted from the article]

President-elect Donald Trump is facing uncertainty in selecting his Treasury secretary, leading to rival factions vying for his approval. Various contenders, including Marc Rowan and Kevin Warsh, have pitched their tax policy visions and aspirations for the role. The decision-making process has been complex, with candidates like Scott Bessent and Bill Hagerty falling in and out of favor with Trump over the past weeks. The selection of the Treasury secretary is crucial for the administration's economic agenda, with different candidates bringing diverse backgrounds and perspectives to the table. [Extracted from the article]

Three Bank of America Corp. bankers in India, including Debasish Purohit, Subhrajit Roy, and Vikram Khaitan, have left the company amid an internal investigation into alleged wrongdoing related to stock offerings. The US lender is currently reviewing possible replacements for the departed bankers. The transactions under scrutiny include a 15-billion rupee share sale in Aditya Birla Sun Life Asset Management. Indian regulators have contacted BofA about the matter, as reported by the Financial Times. [Extracted from the article]

India's economic activity in November remained relatively stable, with a slight increase in services and a slight decrease in manufacturing, according to early surveys. The manufacturing purchasing managers' index decreased to 57.3, while the services index rose to 59.2. Despite some easing in manufacturing, the sector outperformed expectations, and services saw a boost in activity. Price pressures are rising for raw materials and food, with private sector companies in India increasing their selling prices. Economists have revised down GDP growth forecasts for the year through March 2025, with some predicting a 6.4% expansion. [Extracted from the article]

Howard Lutnick, CEO of Cantor Fitzgerald LP, plans to divest his interests in brokerage BGC Group Inc. and property firm Newmark Group Inc. if confirmed as commerce secretary in President-elect Donald Trump's administration. Lutnick, a Wall Street billionaire, will recommend Co-CEOs for BGC once he steps down from his positions at Cantor, BGC, and Newmark. Shares in BGC and Newmark fell after the announcement, as Lutnick's potential role in the Trump administration could impact trade and tariff policies. [Extracted from the article]

Howard Lutnick, a Wall Street billionaire, intends to resign from his three businesses and divest his interests in brokerage BGC Group Inc. and property firm Newmark Group Inc. if confirmed as commerce secretary in President-elect Donald Trump's administration. Lutnick will not sell shares on the open market but will recommend Co-CEOs for BGC once he steps down. His private firm Cantor Fitzgerald LP's leadership plans remain undisclosed. [Extracted from the article]

Occidental Petroleum Corp. CEO Vicki Hollub warned that the US could lose its energy independence if shale output plateaus and declines in the next five years. The US currently produces over 13 million barrels of oil a day, surpassing all other nations, but the industry is closely watching if new wells can offset the natural decline in aging shale discoveries. Discussions at the Executive Oil Conference in Texas focused on the future of the Permian Basin, with projections indicating a peak in crude output at slightly above 7 million barrels a day by the end of the decade. [Extracted from the article]

Deutsche Bank AG has appointed Alexander Hecker, a Lazard Inc. veteran, as the vice chairman of global mergers and acquisitions. Hecker, based in New York, brings 25 years of experience at Lazard, where he worked on transactions for companies like Anheuser-Busch InBev SA/NV and Fyffes Plc. Additionally, Aly Alibhai, a former UBS Group AG banker, will join Deutsche Bank in January as the head of M&A in North America, with clients including Fox Corp., Sony Group Corp., and LVMH Moet Hennessy Louis Vuitton SE. The bank has been actively recruiting senior bankers from Wall Street rivals, with Harding Jones joining earlier this year from Citigroup Inc. [Extracted from the article]

Egypt is expected to maintain its record-high interest rates as it awaits the full impact of a recent fuel-price hike and the completion of an International Monetary Fund review. The central bank is likely to keep the benchmark deposit rate at 27.25% for the fifth consecutive meeting, with economists predicting caution until the fallout from the fuel increase is clearer. The IMF has noted "substantial progress" in discussions but will continue talks, potentially unlocking a $1.3 billion loan tranche. Economists anticipate that interest rates will remain unchanged until at least the end of the first quarter of 2025, with February's inflation reading being a key indicator for future monetary policy decisions. [Extracted from the article]

D.E. Shaw & Co. is looking to sell approximately $400 million worth of assets in Spain, including non-performing loans and real estate, which it has acquired over the past decade. The US-based hedge fund has enlisted the help of investment bank Alantra Partners SA to find potential buyers for the package. This move follows a trend of alternative investment firms, such as D.E. Shaw, selling off portfolios of non-performing assets acquired from Spanish banks in recent years. [Extracted from the article]

Bill Hwang, the founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation related to the collapse of his $36 billion family office in 2021. The judge emphasized the significant losses caused by Hwang's actions, which impacted major financial institutions like Credit Suisse, Morgan Stanley, and UBS. Hwang's lawyers initially sought no prison time, but the judge imposed a tough sentence, highlighting Hwang's previous involvement in insider trading with Tiger Asia. The case is seen as a significant white-collar crime on Wall Street, signaling a more aggressive approach to policing financial crimes. [Extracted from the article]

India's Economic Affairs Secretary, Ajay Seth, stated that while some sectors are slowing down, others are showing increased demand, indicating no downside risk to the government's growth estimate of 6.5% to 7%. However, economists have started downgrading GDP growth forecasts for the year through March 2025, with some predicting a 6.5% expansion. The Reserve Bank of India remains optimistic, forecasting 7.2% growth. Government spending may fall short of the target due to slow progress after national elections, but private consumption is driving domestic demand post-Diwali. [Extracted from the article]

DNB ASA CEO Kjerstin Braathen expressed interest in pursuing more mergers and acquisitions, particularly in Norway, following the recent acquisition of Carnegie Holding AB. Braathen emphasized the need for stronger financial institutions in Europe to compete with US banks. DNB aims to increase fee income and adjust its financial goals in anticipation of rate cuts in Norway. Braathen remains optimistic about Norway's economic outlook, citing expected growth in consumption and wages. [Extracted from the article]

DNB ASA CEO Kjerstin Braathen expressed interest in pursuing more mergers and acquisitions following the recent acquisition of Carnegie Holding AB. Braathen highlighted the importance of strengthening financial institutions and increasing fee income through strategic deals. DNB's acquisition of Carnegie is expected to enhance fee income and support the bank's financial goals amidst anticipated rate cuts in Norway. Braathen also discussed the potential for rate cuts by Norway's central bank in the near future. [Extracted from the article]

Archegos Capital Management founder Bill Hwang is facing sentencing for fraud and market manipulation related to the 2021 collapse of his $36 billion family office. Prosecutors are seeking over two decades in prison and $10 billion in restitution, while Hwang's lawyers argue for no prison time. The case highlighted Hwang's deceptive trading practices that led to significant losses for Wall Street banks, including Credit Suisse and Morgan Stanley. Former Archegos executives testified to Hwang's manipulation of markets and deceptive practices, with one executive describing how Hwang directed his team to mislead banks. [Extracted from the article]

Bill Hwang, the founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation related to the collapse of his $36 billion family office in 2021. The scheme orchestrated by Hwang misled bank counterparties into providing billions of dollars in trading capacity, leading to significant losses for major financial institutions. The case, which captivated Wall Street, highlights the consequences of white-collar crimes and the impact on the financial industry. [Extracted from the article]

The JPMorgan Chase & Co. global chair of technology investment banking expects faster regulatory reviews and more initial public offerings (IPOs) in the tech sector, with around 750 quality tech companies waiting to go public. The US election results are anticipated to boost the IPO market, encouraging companies prioritizing growth over profitability. While megadeal activity has been soft, transactions in the $5 billion to $10 billion range have rebounded to pre-Covid levels, and regulatory reviews for big-ticket technology deals are expected to become more streamlined under the incoming Trump administration. [Extracted from the article]

The article discusses the differing views between India's government and the Reserve Bank of India (RBI) on interest rates and economic growth. While the government is advocating for lower interest rates to stimulate growth, the RBI is prioritizing meeting its inflation target. Despite concerns about slowing growth, the RBI has kept rates unchanged due to risks from global commodity prices and geopolitical conflicts. Economists believe that the government and RBI are working together to manage inflation and support economic activity. [Extracted from the article]