SoftBank, the domestic telecommunications business of Japan's SoftBank Group, has been approved to conduct a $21 billion initial public offering on the Tokyo Stock Exchange with a listing that takes effect Dec. 19, according to a document filed with the Ministry of Finance. Shares will be priced Dec. 10.
The Federal Reserve is considering broader changes "in the not-too distant future" to ease bank stress tests, including making the annual test scenarios more consistent and coordinating results in time for shareholder-return efforts, said Randal Quarles, vice chairman of Supervision. Changing when the results are released would allow banks "to engage in more thoughtful capital planning," Quarles said.
The new round of wildfires in California have left at least 31 people dead, with 29 dead from a single fire in Northern California, and more than 200 people are still missing. The fires have destroyed thousands of homes and other buildings and have left more than 150,000 people displaced.
E-scooter company Lime is recalling a scooter model manufactured by Chinese company Okai in all cities, with Lime saying the scooter could break apart at the baseboard after "repeated abuse." The recall comes a few weeks after Lime recalled certain scooters that could catch fire because of battery malfunction.
Declining oil prices coupled with a dimming outlook for global growth caused the Dow Jones Industrial Average and S&P 500 to lose almost 1% of their value during Friday trading, while the Nasdaq Composite ended the day 1.7% down. Shares of material, industrial and tech companies -- including Caterpillar, Deere, Netflix and Facebook -- posted the biggest losses due to their exposure to China and vulnerability to trade tensions.
UK asset managers must face the growing challenge posed by rivals in Japan and China if the UK is to retain its competitive edge, opines industry specialist Tom Brown.
Ratings agency Scope warned that Germany's AAA credit rating could be jeopardized in the coming years as fears mount over the country's growing demographic imbalances. Analysts said mounting pension and health care costs linked to Germany's aging population could eventually hinder growth and push up debt levels.
The UK and Hong Kong are in talks to develop their trade links, a British minister visiting the territory said. A new collaboration would focus on financial technology and medicine, and could include a free-trade agreement
Hedge fund managers are bracing for a reckoning Thursday, the deadline for clients to state their intention to withdraw funds. October was the industry's worst month in seven years, leaving the HFRI Fund Weighted Composite Index down about 1.7% on the year so far and on track for the worst year since the collapse of Lehman Brothers a decade ago.
The European Securities and Markets Authority's proposed amendments to the European Market Infrastructure Regulation to help shift noncleared swaps from London to the European Union may be too narrow to overcome the hurdles of a post-Brexit mass swaps migration, experts say.
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