Finance/Venture

Pensioner

Study reveals the U.S. Pension System is short by $1 Trillion

The states of Illinois, Kentucky and Connecticut, according to a study by Pew Charitable Trust, have been found underfunded by at least $1 trillion.

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Currency exchange

Currency swings cost U.S. corporates $18.66 billion in fourth quarter: study

Foreign exchange swings cost North American corporates $18.66 billion in revenue in the fourth quarter, according to a report by currency risk management consulting firm FiREapps.

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Katherine Garrett-Cox

Activist investor Elliott seeks boardroom shakeup at Alliance Trust

Activist Elliott Advisors, the largest individual shareholder in Alliance Trust PLC (ATST.L), is seeking support from fellow investors for a boardroom reshuffle following a phase of unsatisfactory engagement with executives over poor performance.

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K.K.R. Founder Henry Kravis

KKR, Varde, Deutsche seek to securitize $5.3 billion of GE Capital debt

A group comprising KKR & Co, Varde Partners and Deutsche Bank are looking to securitize about A$7 billion ($5.33 billion) of debt they acquired from a unit of GE, three sources with knowledge of the matter said.

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JPMorgan Chase & Co.

Authorities closing in on hackers who stole JPMorgan data

Federal authorities investigating the data breach at JPMorgan Chase & Co (JPM.N) are increasingly confident that a criminal case will be filed against the hackers in the coming months, the New York Times reported, citing people briefed on the investigation.

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Tim Cook

Big problem for fund managers: liking Apple too much

At more than 15 percent of his fund's assets, John Burnham, manager of the $136 million Burnham Fund, has a larger stake in Apple Inc than any other diversified fund.

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Mashreq Bank

Dubai's Mashreq interested in Citigroup's Egypt retail business

Mashreq, Dubai's third-biggest lender by assets, is interested in acquiring Citigroup's Egyptian retail business, Mashreq's chief executive said on Sunday.

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Standard Chartered

StanChart eyes bank stake sales as it tries to slim down

Standard Chartered's (STAN.L) abrupt move to shut its global equities business last week could be a prelude to the lender selling off stakes in a number of Asian banks as it looks to boost capital, people familiar with the lender's thinking said.

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National Bank of Abu Dhabi

Ten banks bid for Citigroup's Egyptian retail operations

Citigroup has received 10 bids for its consumer banking business in Egypt, three sources with knowledge of the matter said on Tuesday, with banks from the United Arab Emirates prominent among potential purchasers.

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Sharjah Islamic Bank

Malaysia's $20 billion bank merger headed for collapse: sources

Malaysia's proposed $20 billion merger to create the world's biggest Islamic bank is likely to be scrapped after CIMB Holdings and RHB Capital failed to agree on new deal terms, people familiar with the matter told Reuters.

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Hacking on US government websites

Hacker posts client emails from Swiss bank BCGE

A hacker claiming to be behind a cyber attack on Banque Cantonale de Geneve on Friday divulged confidential client information after the Swiss bank failed to meet demands for payment.

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Banco do Brasil

Banco do Brasil gets central bank approval for Cielo venture

Banco do Brasil SA (BBAS3.SA), the nation's largest bank by assets, said on Friday it received approval from the central bank for a joint venture with card payment processor Cielo SA (CIEL3.SA), but it will not be able to book accounting gains from the deal.

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Automotive Industry

Quindell seeks to dispose of operating division

British technology and outsourcing company Quindell Plc said it had entered into exclusivity arrangements with a third party for possible disposal of an operating division to improve its working capital profile.

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Fosun International

China's Fosun to buy U.S. insurer to help finance acquisition spree

Chinese conglomerate Fosun International Ltd is making its first foray into the U.S. insurance market and buying property and casualty insurer Meadowbrook, a deal that it said would help it secure funds for further acquisitions.

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Novo Banco

Apollo Global may bid for Portugal's Novo Banco

Private equity firm Apollo Global Management LLC (APO.N) is considering making a bid for Portuguese lender Novo Banco SA, the bank carved out of Banco Espirito Santo SA (BES) (BES.LS), Bloomberg reported, citing people familiar with the matter.

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