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  • WASHINGTON, May 25- The U.S. Comptroller of the Currency fined Wells Fargo Bank $70 million on Wednesday over mortgage servicing but said it was ending business restrictions it had placed on the bank. According to the regulator, Wells Fargo made escrow calculation errors between March 2013 and October 2014 that in some cases led to incorrect loan modification...

  • NAIROBI, May 25- Kenya's Uchumi Supermarkets has attracted "many suitors" in its search for a major new investor and its board is evaluating bids from both local and foreign parties, its chief executive said on Wednesday. The company, which is the only publicly traded retailer in Kenya, is also selling assets to pay down debts and is seeking an emergency loan from the...

  • *More cautious on risky regions including Iran. FRANKFURT, May 25- Deutsche Bank expects to see strong growth in Asia for its global payments and trade financing business in the coming years, despite recent signs of emerging market cooling, the head of its Global Transaction Banking unit said. "Within the transaction bank, the share of revenue coming from Asia...

  • May 24- Wells Fargo& Co lowered two key financial targets on Tuesday and said it is sharply cutting exposure to troubled energy loans, signaling that tough times for bank profits may continue through the rest of the year. Low interest rates, higher capital requirements and increasing credit costs are weighing on Wells Fargo's results, prodding the San Francisco-...

  • NEW YORK— Monsanto rejected Bayer's $62 billion takeover bid, calling it "incomplete and financially inadequate." Monsanto Co. Chairman and CEO Hugh Grant also said in a written statement that the initial offer failed to address potential financing and regulatory risks. Bayer AG, a German drug and chemicals company, made an all-cash bid that valued Monsanto's...

  • FRANKFURT, Germany— European banks are likely to struggle to make profits in months ahead and may need to cut costs, merge or change their business strategies to return to solid health, the European Central Bank said Tuesday. The banks' woes present a hurdle for the economy of the 19- country eurozone, where lenders are the source of most financing for business,...

  • MAPUTO, May 23- Mozambique was heading for default on Monday after the government failed to honour a sovereign guarantee behind a $535 million loan taken out by a state-run company to build shipyards that have not yet materialised, a finance ministry source said. Foreign creditors behind the loan, organised by Russia's VTB Bank, had rejected the war-scarred...

  • US companies now sinking in debt

    A new study shows corporate America is accumulating debt at a much faster pace, despite almost $2-trillion in cash.

  • BUDAPEST, May 23- Shortly after National Bank of Hungary Governor Gyorgy Matolcsy took his post three years ago, a group of businessmen launched an online media group that has grown rapidly with the help of the central bank. The company, New Wave, has received central bank grants totalling $2 million and a loan from a lender under the control of the central bank,...

  • May 20- LendingClub Corp has hired investment bank Jefferies LLC to help it find investors for loan funding, people familiar with the matter said on Friday, as the U.S. online lender seeks to replenish investments after a probe over the sale of some of its loans. Since then, LendingClub has tapped Jefferies to reach out to new potential investors to sell loans...

  • May 20- LendingClub Corp has hired Jefferies LLC to help it find investors for loan funding, people familiar with the matter said on Friday, as the U.S. online lender seeks to replenish investments after a scandal over the sale of some of its loans. Since then, LendingClub has tapped Jefferies to reach out to new potential investors to sell loans directly, including...

  • SHANGHAI, May 20- Bank of China Ltd and China Merchants Bank Co Ltd are poised to issue China's first bad debt backed securities since 2008, according to statements posted on the website of China's main bond clearinghouse. Many analysts believe the real bad debt burden at China's banks is much higher, but even the official figures show a sharp rise in troubled...

  • NEW YORK, May 19- A scheduled hearing on Thursday in U.S. Bankruptcy Court for the Southern District of New York on a $300 million bankruptcy loan for renewable energy company SunEdison Inc has been pushed back one day, until Friday. Some of SunEdison's creditors and its so-called yieldcos, TerraForm Global Inc and TerraForm Power Inc, had objected in court papers...

  • JAKARTA, May 19- China-backed Asian Infrastructure Investment Bank could announce as early as next month a plan to co-finance a national slum upgrading project in Indonesia, in what could be the bank's first foray into the country, Indonesia's finance minister said. The $1.74 billion project, co-funded by the Indonesian government, the World Bank and the...

  • According to China's regulatory regime, insurance firms are required to maintain solvency ratios above 100 percent, or be subject to penalties on the scope of their business and financing activities, Caixin said. In the wake of record lending and credit in the first quarter, some policymakers and official media have begun expressing concerns about the risks...

  • RIYADH/ DUBAI, May 18- Construction firm Saudi Binladin Group has secured a 2.5 billion riyal loan from local banks to ease its financial pressures, banking sources aware of the matter said on Wednesday. Arab National Bank and Saudi British Bank are providing the loan, which Binladin is using to cover redundancy costs for workers it is laying off, back salaries and...

  • *Market focus on tumbling loan numbers in China. LONDON, May 17- Copper steadied on Tuesday, supported by a softer dollar and firm oil, but prices are still within sight of recent lows brought about by a resurfacing of worries over demand growth in top consumer China. "The April data showed that the short-term rebound in economic activity in China has proved to be...

  • May 16- Breitburn Energy Partners LP and some of its units filed for restructuring under Chapter 11 of the U.S. bankruptcy code on Monday, the latest company to face the brunt of low commodity prices. The oil and gas master limited partnership said it secured a $75 million debtor-in-possession financing, in addition to cash from its operations and cash on hand, to...

  • May 13- New York's financial regulator sent subpoenas on Friday to both a unit and an affiliate of Apollo Global Management, LLC, New York Mortgage Trust and Battery Point Financial for details about seller-financed home sales, a person familiar with the matter said. The New York Department of Financial Services wants information about the terms of a type of...

  • May 13- New York's financial regulator sent subpoenas on Friday to two units of Apollo Global Management, LLC, New York Mortgage Trust and Battery Point Financial for details about seller-financed home sales, a person familiar with the matter said. The New York Department of Financial Services wants information about the terms of a type of home transaction the...