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Corporate Debt

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  • Jan 21- Credit card issuer Discover Financial Services Inc reported a 33 percent drop in quarterly profit as it set aside more money to cover bad loans. The company's net income allocated to common shareholders fell to $392 million, or 87 cents per share, in the fourth quarter ended Dec. 31, from $588 million, or $1.23 per share, a year earlier. Revenue, net of interest...

  • Jan 21- JPMorgan Chase& Co got a painful reminder on Wednesday that we all have to live with our mistakes, even a clerical mix-up that could cost $1.5 billion. A federal appeals court in Manhattan ruled on Wednesday that, although it was not JPMorgan's intention, it clearly authorized its law firm to file papers in 2008 that unsecured much of a loan to General Motors.

  • SpaceX raises $1 bln in funding from Google, Fidelity Tuesday, 20 Jan 2015 | 5:06 PM ET

    Jan 20- Elon Musk- backed Space Exploration Technologies said it has raised about $1 billion in a financing round with two new investors, Google Inc and Fidelity.

  • Jan 20- Apparel retailer Express Inc said it ended talks to be bought by private equity firm Sycamore Partners, its largest shareholder, due to unavailability of financing. Shares of Express, which was once a division of L Brands Inc, were down nearly 13 percent at $12.60 in premarket trading. Private equity firm Golden Gate Capital took Express private in 2007 and...

  • Express Inc ends deal talks with Sycamore Partners Tuesday, 20 Jan 2015 | 8:21 AM ET

    Jan 20- Apparel retailer Express Inc said it terminated talks to be bought by private equity firm Sycamore Partners, its largest shareholder. The company said talks ended due to the "unavailability of financing on commercially acceptable terms". Express's shares were down nearly 12 percent at $12.75 in premarket trading on Tuesday.

  • The Financial Conduct Authority, which regulates the financial services industry in the UK, had said on Friday it was working closely with Alpari. New York- listed FXCM Inc was forced to turn to Leucadia National Corp to secure a $300 million loan to cover losses of $225 million suffered by its clients. Industry news site Forex Magnates, citing unnamed sources...

  • NEW YORK, Jan 16- Retail foreign exchange broker FXCM Inc, reeling after customers lost more than $200 million from the surging Swiss franc, will get a $300 million loan from Leucadia National Corp to keep operating, the companies said in a statement Friday. "Leucadia`s support and this financing are by far the best alternative for FXCM, our customers, our...

  • Austrian banks count cost of eastern troubles Friday, 16 Jan 2015 | 2:00 AM ET

    UniCredit Bank Austria, the Austrian bank with the biggest exposure to CEE, booked a 1.6 billion euro loss in 2013 after big goodwill impairments for exposure in the East, where it is trying to sell its Ukraine business after ending an ill-fated foray into Kazakhstan. Raiffeisen ratcheted higher estimates for bad loan provisions due to increasing violence in...

  • Jan 15- Bank of America Corp, the second largest U.S. bank by assets, reported a 14 percent fall in quarterly profit as a decline in bond yields further crimped earnings. Chief Financial Officer Bruce Thompson described the fourth quarter as a "challenging rate environment," but said the bank expected to earn an extra $3.7 billion from higher loan and securities...

  • Jan 14- Continental Resources Inc said that Harold Hamm, its chief executive officer and majority shareholder, has pledged about one-fourth of the company shares he owns as collateral for a personal loan, according to a regulatory filing. Divorce lawyers for Hamm recently said he took out a personal loan to fund a divorce settlement with ex-wife Sue Ann Arnall.

  • UPDATE 1-Carlos Slim becomes top NY Times shareholder Wednesday, 14 Jan 2015 | 6:11 PM ET

    Jan 14- Mexican billionaire Carlos Slim has become the largest shareholder of New York Times Co after exercising warrants to double his stake in the publisher to 16.8 percent. New York Times, controlled by the Ochs-Sulzberger family through Class B shares, paid back the loan in 2011.. New York Times intends to use cash proceeds of about $101.1 million to buy back...

  • NEW YORK, Jan 14- Wells Fargo& Co, one of the biggest lenders to U.S. energy companies, is reviewing each of its loans to the sector in the wake of oil prices tumbling 60 percent since last summer, executives said Wednesday. The bank did not think its energy loan portfolio was at risk enough to justify setting aside any money in the fourth quarter to cover possible...

  • Jan 14- Continental Resources Inc said Harold Hamm, its chief executive officer and majority shareholder, has pledged about one-fourth of the company shares he owns as collateral for a personal loan, according to a regulatory filing. The Jan. 13 Securities and Exchange Commission filing doesn't state the purpose of the personal loan. Under a November divorce...

  • UPDATE 3-Wells Fargo profit rises on higher loan growth Wednesday, 14 Jan 2015 | 10:40 AM ET

    Jan 14- Wells Fargo& Co, the fourth largest U.S. bank by assets, reported a slight increase in quarterly profit on Wednesday as it earned more from credit cards and corporate loans. Credit cards, one of Wells Fargo's major areas of expansion, were a bright spot as fees rose 12 percent to $925 million. Commercial and industrial loans jumped 15 percent to $271.8 billion,...

  • Jan 14- Wells Fargo& Co, the biggest U.S. mortgage lender, reported a slight increase in quarterly profit as it lent more to commercial and industrial customers. Wells Fargo's total loans rose 2.8 percent to $862.6 billion in the fourth quarter. Wells Fargo shares were down 1.5 percent in premarket trading on Wednesday.

  • NEW YORK, Jan 14- Goldman Sachs Group Inc had to write down its loan to the troubled Portuguese bank Banco Espirito Santo SA in the fourth quarter, cutting the bank's profit and some employees' bonuses, people familiar with the matter told Reuters. The writedown came late in the quarter after a Dec. 22 decision by Portugal's central bank that effectively wiped out...

  • Shenzen-based Kaisa said on Monday it had missed interest payments to investors in its offshore dollar bonds, that many of its bank accounts had been frozen and that a mainland China court had frozen more than $100 million of assets of one of its units. Kaisa's founder and chairman left the company in December, triggering an acceleration of repayment of a loan...

  • WASHINGTON, Jan 13- The U.S. Supreme Court on Tuesday ruled in favor of homeowners seeking to back out of mortgages when lenders are accused of failing to follow a federal "truth in lending" law. On a 9-0 vote, the court handed a win to an Eagan, Minnesota couple, Larry and Cheryle Jesinoski, over the $611,000 loan they obtained in 2007 from Countrywide Home Loans Inc, now...

  • WASHINGTON, Jan 13- The U.S. Supreme Court on Tuesday ruled in favor of homeowners seeking to back out of mortgages when lenders are accused of failing to follow a federal "truth in lending" law. On a 9-0 vote, the court handed a win to an Eagan, Minnesota couple, Larry and Cheryle Jesinoski, over the $611,000 loan they obtained in 2007 from Countrywide Home Loans Inc, now...

  • HONG KONG, Jan 13- The specter of default hanging over China's Kaisa Group, a property developer in seemingly reasonable financial health just two months ago, is forcing investors to rethink how they account for political risk when buying offshore Chinese corporate debt. But Kaisa's case has shown the conventional model of pricing property developers' bonds...