Business

After weathering February storm, junk bonds count on Fed protection

Junk bonds, the only fixed-income segment still offering positive returns this year, will continue their outperformance, according to investor bets the U.S. Federal Reserve will eventually put its foot down and calm bond markets. The sector, with credit scores below BBB-minus, is among the riskiest debt categories. But it weathered February’s market storm better than […]

Business

France’s Dassault eyes Plan B if European fighter talks fail

The chief executive of French planemaker Dassault Aviation raised the prospect of an alternative plan on Friday if talks between France, Germany and Spain on a joint fighter plane break down, but said he still believes in the project. German Chancellor Angela Merkel and French President Emmanuel Macron first floated the venture in 2017 but […]

Business

Morgan Stanley expands Black recruitment program

Morgan Stanley is expanding a program to recruit Black professionals into its markets business regardless of their experience in financial services, bank executives said. Last Fall, the Wall Street giant launched the Morgan Stanley Experienced Professional Program, which invites Black professionals from any field to apply, in a bid to improve diversity within the business […]

Business

Oil surges after OPEC+ holds cuts, strong U.S. jobs growth

Oil prices jumped about 3% on Friday, hitting their highest levels in more than a year, following a stronger-than-expected U.S. jobs report and a decision by OPEC and its allies not to increase supply in April. Brent futures rose $2.62, or 3.9%, to settle at $69.36 a barrel. The session high for the global benchmark […]

Business

Chevron to buy out Noble Midstream in all-stock $1.32 billion deal

Chevron Corp said on Friday it would buy the shares of Noble Midstream Partners LP it does not already own in an all-stock deal that values the pipeline operator at $1.32 billion, a month after making a slightly smaller offer. Noble Midstream’s unitholders will get 0.1393 Chevron shares for each unit held under the new […]

Business

Credit Suisse winds down $10 billion Greensill-linked funds

Credit Suisse said on Friday it is winding down its $10 billion supply chain finance funds, which were mostly invested in notes backed by speciality finance firm Greensill. London-based Greensill group is preparing to file for insolvency and is in talks to sell parts of its business to U.S. private equity firm Apollo Global Management […]

Business

UBS heads into record 4.5 billion euro French tax case appeal

Swiss bank UBS will on Monday begin its appeal against a record 4.5 billion-euro ($5.37 billion) penalty levied by a French court for allegedly helping wealthy clients stash undeclared assets offshore. The case will be watched by banks across Europe, where fines for tax-related and other offences have historically been lower than in the United […]