Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
(Recasts lead, adds CEO, analyst comments)
MILAN, May 9 (Reuters) - Mediobanca is looking at Julius Baer's Italian asset manager Kairos as part of plans to expand its wealth management business, the bank's CEO said on Thursday.
The investment bank is interested in doing mid-sized deals in wealth management and has the financial muscle to fund them.
"Kairos can fit well in our strategy to expand wealth management," Chief Executive Alberto Nagel said in a conference call on the bank's third-quarter results.
But the CEO said any deal would have to be based on a strong industrial plan agreed with management at Kairos. Italian media reports have said Julius Baer plans to sell Kairos, which they said was worth more than 400 million euros.
Julius Baer declined to comment.
Mediobanca was for years at the heart of Italian finance, with cross-shareholdings in a number of leading companies.
But the bank has sold most of those stakes to focus on traditional banking, stepping up its commitment to wealth management and consumer finance.
Nagel has previously said the bank has 2 billion euros ($2.3 billion) available for acquisitions in those areas this year.
He said on Thursday the bank remained solid and there were no potential headwinds to hinder capital generation.
"We will continue to use capital generation for dividends, buybacks and selected mid-size acquisitions," the CEO said.
The bank reported a CET1 core capital ratio - a measure of financial strength - of 14.3 percent in the third quarter, up 40 basis points from the end of December.
In a comment on Mediobanca's third-quarter, Citi said the bank's capital had improved slightly and remained strong.
"Mediobanca confirmed solid profitability and capital, low sensitivity to sovereign and no asset quality issues," Citi said.
The bank said earlier on Thursday net profits in its fiscal third quarter fell almost 15 percent to 175.5 million euros on lower revenues as economic uncertainty weighed on consumers.
This was above an analyst consensus forecast of 165 million euros.
At 1433 GMT, Mediobanca shares were down 2.8 percent, while the European banking index was down 2.3 percent. ($1 = 0.8895 euros) (Reporting by Gianluca Semeraro and Stephen Jewkes; Editing by Mark Potter and Jane Merriman)