Business

China regulator probes Ping An Insurance’s property investments

China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s (601318.SS) investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet. The China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer […]

Business

French inflation stronger than expected in August at 3-year high

French inflation accelerated more than expected in August at the fastest rate in nearly three years, a preliminary estimate from the INSEE official statistics agency showed on Tuesday. INSEE said its index of EU-harmonised consumer prices rose 0.7% from July, giving a 12-month inflation rate of 2.4%, jumping from 1.5% in July to hit the […]

Business

Marketmind: Who’s rocking the boat now?

From Fed boss Jerome Powell on Friday to the Cleveland Fed’s Loretta Mester on Monday, the doves have been out in force, sending the dollar to two-week lows, Treasury yields below 1.3% and putting the S&P 500 (.SPX) on track for its longest monthly winning streak since 2018. But China is rocking the boat. Its […]

Business

Germany’s LEG Immobilien considers foreign expansion, merger cast-offs

German property group LEG Immobilien (LEGn.DE) is looking at expanding abroad and would also consider buying flats from Vonovia (VNAn.DE) or Deutsche Wohnen (DWNG.DE) should their merger go through, its CEO told Reuters on Tuesday. Germany’s two biggest listed landlords Vonovia and Deutsche Wohnen have revived merger plans that are controversial in Germany because of […]

Business

Pershing Square to buy extra 2.9% of Universal Music for $1.15 bln

American hedge fund manager Bill Ackman’s Pershing Square is buying an additional 2.9% of Universal Music Group (UMG) from Vivendi (VIV.PA) for $1.149 billion, the French conglomerate said on Tuesday. Vivendi said the transaction was based on an enterprise value of 35 billion euros ($41.40 billion) for 100% of UMG’s share capital. The deal, to […]

Business

French Q2 growth revised up to 1.1%

The French economy rebounded slightly more strongly than first thought in the second quarter as consumer spending recovered after a coronavirus lockdown, the INSEE official statistics agency said on Tuesday. The euro zone’s second-biggest economy grew 1.1% in the three months to the end of June after showing no growth the previous three months, INSEE […]

Business

Lufthansa cash-positive this summer, rescue deal on track

Most Lufthansa flights were grounded by the coronavirus pandemic in early 2020, plunging the airline into crisis and leading the German government to acquire a 20% stake as part of a 6 billion euro ($7.1 billion) rescue package. Germany’s economic stabilisation fund said last week it would start selling down its stake in the coming […]