Goldman Sachs renames business units ahead of quarterly results

(Reuters) – Goldman Sachs Group Inc (GS.N) said on Tuesday it renamed its main business units ahead of its quarterly results next week, as part of the Wall Street bank’s efforts to provide greater transparency for investors into its financial performance. The bank said it would report its future earnings, starting with the latest December quarter, under the newly named […]

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BlackRock, Temasek to take majority stake in wealth management JV with CCB: sources

BEIJING/SHANGHAI (Reuters) – U.S. asset manager BlackRock Inc, Singapore state investor Temasek Holdings (Pte) Ltd and China Construction Bank Corp (CCB) have agreed to set up a wealth management joint venture in China, said people with direct knowledge of the matter. A memorandum of understanding has been announced internally within BlackRock (BLK.N) and CCB (601939.SS) (0939.HK), according to the people […]

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APRA review of super funds a boon for consumers

The Australian Prudential and Regulation Authority (APRA) will soon publish its “heatmaps” of super fund investment options, where the worst-performing funds will be coloured deep-red on a range of measures, such as investment performance and fees and costs. It marks a significant change of approach for the regulator, which has previously been more inclined to work with under-performing funds behind […]

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Investors with more than $5 trillion target BHP over coal funding

MELBOURNE (Reuters) – Investors representing A$8 trillion ($5.4 trillion) have backed a call for BHP to ditch funding for industry groups whose actions are inconsistent with the Paris climate agreement, an Australian NGO said on Thursday. The Australian Centre for Corporate Responsibility, a small shareholder in BHP, the world’s biggest listed miner, co-filed a resolution in September that recommended the […]

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UPDATE 1-U.S. money fund assets hit near decade-high -iMoneyNet

(Adds background, graphic) NEW YORK, Sept 25 (Reuters) – U.S. money market fund assets rose to a near decade-high as investors and companies replenished cash after pulling out money the week before for corporate taxes and to settle bonds they bought, a private report released on Wednesday said. Assets of money funds, which are seen as being nearly as safe […]

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Compensation pledge as funds tighten security after data hack claims

Australians who have had their super accounts drained by crime gangs will be fully compensated as some of the country's biggest funds ramp up cyber-security in the wake of an alleged $10 million international identity theft scam. It was revealed on Wednesday that several of Australia's largest funds had been affected by the alleged fraud when police charged 21-year-old Melbourne […]

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Climate change pushes U.S. fund managers to bet on AC makers

NEW YORK (Reuters) – Record heatwaves in Europe and Asia this summer are leading fund managers to buy shares of air conditioning manufacturers, betting that the public health risks of rising temperatures will compel businesses and apartment building owners to install cooling systems. Shares of Johnson Controls International Plc, United Technologies Corp, and Ingersoll-Rand Plc, are all up 25% or […]

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WeWork presses on with IPO, pushing SoftBank into a corner

(Reuters) – Office-sharing startup WeWork is pressing ahead with plans to go public despite lukewarm interest in its shares, three sources said, leaving its largest investor, SoftBank Group (9984.T), with a stark choice: take a haircut or pony up even more cash. The We Company, WeWork’s parent, may seek a valuation as low as $15 billion to $18 billion in […]

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