Credit Suisse Group AG is racing to finalize the sale of a key unit, days before the beleaguered Swiss bank is set to give details of a revamp of its big Wall Street division.
The Swiss bank is selling billions of dollars worth of assets to help pay for a strategy change after a series of financial losses and scandals. It may still need additional capital to add comfort for investors that it can carry out plans to retreat from some businesses and countries that are no longer deemed core, analysts say.
Orange 3Q Revenue Rose on Better Retail Services, Equipment Sales
Orange on Tuesday posted higher earnings and revenue for the third quarter, led by growth in retail services and equipment sales, particularly in Europe and Africa.
The French telecommunications company said revenue increased to 10.82 billion euros ($10.68 billion) from EUR10.72 billion last year. France, Orange's home market, accounted for the lion's share of revenue, contributing EUR4.47 billion despite a 1% decline.
Remy Cointreau Backs FY 2023 Outlook After 2Q Sales Rose
Remy Cointreau SA on Tuesday confirmed its outlook for fiscal 2023 after second-quarter sales increased.
The French cognac maker said sales for the July-to-September period rose to 457.2 million euros ($451.5 million) from EUR352.2 million a year earlier.
Upstart European Lithium Is Valued at $970 Million in Deal for U.S. Listing
European Lithium Ltd., an upstart mining company hoping to be one of Europe's only sources of the key metal for electric-vehicle batteries, has reached a deal that will value it at $970 million and list its shares in the U.S., company officials said.
The company has struggled to raise cash despite a possible agreement with BMW AG to buy its lithium. European Lithium, which now trades as a penny stock in Australia, is trying to fund its plan to mine and process lithium from a mine near Vienna.
Russia Moves to Defend Kherson Against Ukraine's Advance Before Winter
KYIV, Ukraine-Russian-installed officials in Kherson said they were forming territorial defense units on Monday as Ukraine pushes to recapture the occupied regional capital before the onset of winter, and Russia accused Ukraine-without citing evidence-of preparing to use a so-called dirty bomb on the battlefield.
The announcement of the units, which will help Russia defend the occupied city, comes amid an organized evacuation of residents from Kherson using boats to transfer them to other parts of the southern Kherson region and to cities in Russia, Moscow's officials in the region said.
NATO Allies Warn Russia Against 'Dirty Bomb' Plot in Ukraine
Senior U.S. officials said Monday they saw no evidence Russia was preparing to deploy a so-called dirty bomb in Ukraine, but threatened consequences if Russia did so after Moscow falsely accused Kyiv of preparing one.
The remarks came a day after an unusual round of telephone calls between Russian Defense Minister Sergei Shoigu and his U.S., French, U.K. and Turkish counterparts.
Saudi Conference Draws Wall Street Executives Amid Strained Ties With U.S.
RIYADH, Saudi Arabia-Wall Street executives, European bankers and Asian business leaders are arriving here Tuesday for the Saudi kingdom's flagship investment conference, in a sign that a diplomatic spat with the U.S. isn't turning off global investors from a petrostate with a roaring economy and growing geopolitical power.
JPMorgan Chase & Co. Chief Executive Jamie Dimon and David Solomon, head of Goldman Sachs Group Inc., are high-profile speakers at the conference, known colloquially as Davos in the Desert and officially as Future Investment Initiative. CEOs of the world's biggest investment firms have also come, including Blackstone Inc.'s Stephen Schwarzman.
GLOBAL NEWS
Shares in Chinese Companies Crash After Xi Jinping Stacks Party With Allies
U.S.-listed Chinese stocks plunged to their lowest level in nearly a decade, losing tens of billions of dollars in market value on Monday, one day after President Xi Jinping secured a third term as leader of the Communist Party.
The Nasdaq Golden Dragon China Index, which tracks dozens of Chinese companies listed on American exchanges, fell more than 14% to its lowest close since April 2013, erasing $73.4 billion in market cap since Friday's close through Monday, according to Dow Jones Market Data.
Talk of Fed Rate Slowdown Offers Respite for Bonds and Stocks
Signs that the Federal Reserve might soon slow the pace of its interest-rate increases have helped calm Treasury yields for the moment, offering some hope to investors that a more-stable bond market could ease pressure on stocks.
U.S. Treasury yields, which move in the opposite direction of bond prices, edged higher Monday but still closed well below their intraday peaks on Friday. Yields largely declined Friday after The Wall Street Journal reported that Fed officials were poised to raise interest rates by 0.75 percentage point at their Nov. 1-2 meeting-but were also likely set to debate shifting to a smaller increase in December.
House Democrats Urge Biden to Speak Directly With Russia to End Ukraine War
WASHINGTON-A group of 30 House Democrats sent a letter to President Biden on Monday asking him to seek direct talks with Russia to reach a diplomatic settlement to the war in Ukraine, marking a new sign of unease in Congress over America's approach to the fighting.
The letter's signatories include Rep. Pramila Jayapal (D., Wash.), the chairwoman of the Congressional Progressive Caucus, as well as influential progressives Rep. Alexandria Ocasio-Cortez (D., N.Y.) and Rep. Ro Khanna (D., Calif.). Rep. Barbara Lee (D., Calif.), the only member of Congress to vote against the resolution authorizing war in Afghanistan in 2001, also signed the letter.
China Signals Move to Ease International-Travel Requirements to Lure Investment
Chinese authorities Tuesday signaled a move to ease international-travel requirements as part of incentives to attract more foreign investment into the country.
In a joint notice issued by regulators including the National Development and Reform Commission, the government asked authorities to make it more convenient for multinational companies' executives, technicians and their families to travel to China.
U.S. Says Chinese Tried to Obstruct Huawei Prosecution
WASHINGTON-Two Chinese intelligence officers tried to bribe a U.S. law-enforcement official to obtain what they believed was inside information about the U.S. criminal case against Chinese telecommunications giant Huawei Technologies Co., prosecutors alleged in a case unsealed Monday.
The defendants, Guochun He and Zheng Wang, were charged in a federal criminal complaint filed in Brooklyn last week and made public on Monday. The charging papers don't name Huawei, instead referring to an unnamed telecommunications company based in China. People familiar with the case said it concerns Huawei.
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(END) Dow Jones Newswires
10-25-22 0529ET
