Sanctions put squeeze on Russia
Russian companies are facing tougher lending restrictions from western banks as sanctions against the country start to bite. Banks are insisting that new loans to Russian businesses that are not directly targeted by sanctions carry clauses forcing immediate repayment or default if sanctions affect those companies. “If someone sneezes towards your company, the loan becomes immediately due and payable,” said the chief financial officer of a large Russian group. Loan deals have almost dried up in the past two months since the Ukraine crisis erupted and Moscow annexed Crimea. US and Japanese banks have taken a more cautious approach in the region.
Samsung sorry over cancer scandal
Samsung Electronics’ vice-chairman has issued an unprecedented apology to workers who contracted cancer after working at the company’s factories in South Korea, as the group seeks to limit the damage from the long-running saga.
BlackRock signals trading shake-up
BlackRock, the world’s largest asset manager, is teaming up with electronic trading hub Tradeweb in a shake-up for US bond and derivatives markets, supported by Wall Street banks. The alliance will focus on boosting trading, liquidity and risk management.
Royal dust up over GE Alstom deal
Segolene Royal stunned the father of her children, President Francois Hollande, by opposing his plan to reshape Europe’s transport and energy sectors. In comments that split the cabinet, the ecology minister came out against his attempt to marry Alstom, the French industrial group, to Siemens, its German rival.
Citigroup fires 12 over Mexican fraud
Citigroup has fired 12 employees in relation to a fraud at its Mexican banking division, three months after revealing a $400m loss at the unit, saying that the damage done to its reputation had been even greater than the financial hit.
The Daily Telegraph
Google appoints new UK chief
Google has appointed Eileen Naughton, an executive currently based in its New York office, as managing director of its £3.6bn per year UK advertising sales operation. Ms Naughton will replace Dan Cobley, who has been in charge for two and a half years. Mr Cobley will take on a broader role across Europe, the Middle East and Africa, dealing with major brand marketing departments.
Bowling company plans potential sale
The Original Bowling Company is understood to be working towards a potential float or sale of the business with Rothschild.
THE WALL STREET JOURNAL
AIG sells jet leasing unit for $7.6bn
American International Group (AIG) said it had completed the sale of its jet-leasing business to AerCap Holdings NV for $7.6bn in cash and stock.
Samir Assaf elected chair of Global Financial Markets Association
HSBC’s most senior investment banker, Samir Assaf, has been elected chairman of the Global Financial Markets Association, the influential bank lobby group, replacing Blythe Masters who last month resigned as head of commodities at JP Morgan Chase after a 23-year stint at the bank.