Billionaire Kumar Mangalam Birla’s Hindalco Industries Ltd. is considering seeking about $1.2 billion in a planned initial public offering of US aluminum products maker Novelis Inc., people familiar with the matter said, in what could be one of the year’s biggest share sales. Hindalco may target a valuation of about $18 billion for Atlanta-based Novelis, … Read more
Citigroup Inc CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled in global financial markets. “The banking system is pretty sound,” and large and regional banks are well-capitalized, Fraser told the Economic Club of Washington D.C. on Wednesday. “This is not a credit crisis. This … Read more
AMSTERDAM -The company that owns the WeTransfer file service is cancelling its initial public offering (IPO), Europe’s first prominent tech flotation of the year, it said on Thursday, citing volatile market conditions. WeRock, best known for the WeTransfer file transfer service, had planned a Jan. 28 flotation on Amsterdam’s Euronext that would have valued the … Read more
By Netty Ismail The race to top of the emerging-market currency pack will be determined by central banks that are taking no chances with inflation. The trick is singling out those ready to turn rhetoric into action. Recent winners are the Mexican peso, Brazilian real and Hungary’s forint — currencies whose central banks raised rates … Read more
Tesla Inc.’s Chief Executive Officer Elon Musk said the electric-vehicle manufacturer is suspending purchases with Bitcoin, triggering a slide in the digital currency. In a post on Twitter Wednesday, Musk cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signaling that Tesla might accept other cryptocurrencies if they are … Read more
By Julia Fanzeres The coronavirus pandemic and the response by governments and central banks have family offices and ultra-wealthy individuals around the world on the defensive, according to a survey from Citigroup Inc.’s private bank. About three-quarters of respondents described their 12-month investment sentiment as “cautious.” That increased to 84% when adding those who said … Read more
By Elena Mazneva and Justina VasquezGold has just smashed a record, and every major bank agrees that it’ll cross $2,000 an ounce. What happens next is where forecasts diverge. JPMorgan Chase & Co. says the rally that has already seen prices rise 27% in 2020 could start to lose steam later this year. Goldman Sachs … Read more