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Bank mega-M&A gets tantalisingly close in Europe: podcast

BREAKINGVIEWS-Bank mega-M&A gets tantalisingly close in Europe: podcast The host is a Reuters Breakingviews columnist. The opinions expressed are her own. By Aimee Donnellan GALWAY, Ireland, Sept 19 (Reuters Breakingviews) - UniCredit, the $68 bln Italian lender, grabbed a 9% stake in Germany’s $16 bln Commerzbank. In this Viewsroom podcast, Breakingviews columnists argue that a full merger makes financial sense, but potentially not for unions or the under-fire government in Berlin.
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BofA only top brokerage to raise forecast for Fed's 2024 rate cuts

CORRECTED-UPDATE 1-BofA only top brokerage to raise forecast for Fed's 2024 rate cuts Corrects paragraph 2 to say BofA expects 75 bps in cumulative rate cuts from the Fed in Q4, not a single rate cut; fixes typographical error in paragraph 7 By Kanchana Chakravarty Sept 19 (Reuters) - BofA Global Research was the only major brokerage to raise its forecast for the Federal Reserve's anticipated interest-rate cuts for the rest of 2024, a day after the U.S.
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Deutsche Bank Decreases Prime Lending Rate To 8.00%

BRIEF-Deutsche Bank Decreases Prime Lending Rate To 8.00% Deutsche Bank AG DBKGn.DE : DEUTSCHE BANK DECREASES PRIME LENDING RATE TO 8.00% Source text for Eikon: ID:nBwbKF2VXa Further company coverage: [DBKGn.DE]
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Commerzbank readies talks with UniCredit but remains defensive

EXCLUSIVE-Commerzbank readies talks with UniCredit but remains defensive UniCredit snapped up stake, eyes takeover Commerzbank's CFO set to lead talks German lender opposes tie-up Updates with Italian government position in paragraph 23 By John O'Donnell and Tom Sims FRANKFURT, Sept 18 (Reuters) - Commerzbank CBKG.DE is poised to put CFO Bettina Orlopp in charge of talks with UniCredit CRDI.MI when the German bank's supervisory board meets next week, two people with knowledge of the matter said,
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Deutsche Bank to further trim branch network

Deutsche Bank to further trim branch network FRANKFURT, Sept 18 (Reuters) - Germany's Deutsche Bank DBKGn.DE will further trim its network of 400 branches, resulting in the shuttering of around 50 of its smaller outlets, it said on Wednesday. The bank said that it would close a "mid-double-digit" number of branches, with the exact figure to be clarified as it negotiates with workers.
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Germany's Commerzbank has a bumpy history with big M&A

TIMELINE-Germany's Commerzbank has a bumpy history with big M&A Updates timeline originally published on Sept. 11 with latest developments By Tom Sims FRANKFURT, Sept 18 (Reuters) - Commerzbank CBKG.DE is poised to put CFO Bettina Orlopp in charge of talks with UniCredit CRDI.MI when the German bank's supervisory board meets next week, two people with knowledge of the matter said, as the Italian rival considers a takeover.
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Commerzbank readies talks with UniCredit but remains defensive

EXCLUSIVE-Commerzbank readies talks with UniCredit but remains defensive UniCredit snapped up stake, eyes takeover Commerzbank's CFO set to lead talks German lender opposes tie-up Adds graphic By John O'Donnell and Tom Sims FRANKFURT, Sept 18 (Reuters) - Commerzbank CBKG.DE is poised to put CFO Bettina Orlopp in charge of talks with UniCredit CRDI.MI when the German bank's supervisory board meets next week, two people with knowledge of the matter said, as the Italian rival eyes a takeover.
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Commerzbank readies talks with UniCredit but remains defensive

EXCLUSIVE-Commerzbank readies talks with UniCredit but remains defensive UniCredit snapped up stake, eyes takeover Commerzbank's CFO set to lead talks German lender opposes tie-up Adds detail, background By John O'Donnell and Tom Sims FRANKFURT, Sept 18 (Reuters) - Commerzbank CBKG.DE is poised to put CFO Bettina Orlopp in charge of talks with UniCredit CRDI.MI when the German bank's supervisory board meets next week, two people with knowledge of the matter said, as the Italian rival eyes a take
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Germany still examining how to proceed with Commerzbank, says ministry

Germany still examining how to proceed with Commerzbank, says ministry BERLIN, Sept 18 (Reuters) - The German government is still examining how it plans to proceed with Commerzbank CBKG.DE , a finance ministry spokesperson said on Wednesday. Italy's Unicredit CRD.MI took a 9% stake in Commerzbank last week, catching German authorities off guard and getting a hostile reception from local management, who want to fend off any takeover attempt.
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Any UniCredit/Commerzbank merger must create competitive lender, Bundesbank chief says

Any UniCredit/Commerzbank merger must create competitive lender, Bundesbank chief says FRANKFURT, Sept 18 (Reuters) - Any merger of Commerzbank CBKG.DE and UniCredit CRDI.MI must create a competitive institution robust enough to support German economic growth, Bundesbank chief Joachim Nagel said on Wednesday. Italy's second-largest bank took a 9% stake in Commerzbank last week, catching German authorities off guard and getting a hostile reception from local management, who want to fend off any t
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Commerzbank readies talks with UniCredit, seeking to stay independent

EXCLUSIVE-Commerzbank readies talks with UniCredit, seeking to stay independent UniCredit snapped up stake, eyes takeover CFO will lead talks with suitor UniCredit, sources say Commerzbank remains sceptical of any tie-up Adds detail on CEO paragraph 6, background from paragraph 8-16 By John O'Donnell and Tom Sims FRANKFURT, Sept 18 (Reuters) - Commerzbank CBKG.DE is poised to put CFO Bettina Orlopp in charge of talks with UniCredit CRDI.MI when the German bank's supervisory board meets next week
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Barclays sees limited downside to Commerzbank's stock, ups to 'equal weight'

BUZZ-Barclays sees limited downside to Commerzbank's stock, ups to 'equal weight' ** Barclays upgrades its rating on Commerzbank CBKG.DE to "equal weight" from "underweight", saying the upside and downside risks are now more balanced after UniCredit CRDI.MI took a 9% stake ** The broker notes Commerzbank's stock is up around 24% since the announcem
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Ghislaine Maxwell's sex-trafficking conviction upheld, appeal planned

UPDATE 1-Ghislaine Maxwell's sex-trafficking conviction upheld, appeal planned Adds details from decision, comment by lawyer, possible U.S. Supreme Court appeal, background, paragraphs 2-9, 11-12, 14 and 17-19 Maxwell convicted of aiding disgraced Jeffrey Epstein Maxwell's lawyer signals U.S. Supreme Court appeal Appeals court says 20-year prison sentence not too long By Jonathan Stempel NEW YORK, Sept 17 (Reuters) - A U.S.
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Commerzbank’s UniCredit defences are built on sand

BREAKINGVIEWS-Commerzbank’s UniCredit defences are built on sand The author is a Reuters Breakingviews columnist. The opinions expressed are her own. By Aimee Donnellan LONDON, Sept 17 (Reuters Breakingviews) - Commerzbank CBKG.DE is manning the barricades. The $20 billion German lender is in the sights of Andrea Orcel, CEO of $67 billion Italian rival UniCredit CRDI.MI , who last week announced he had snapped up a 9% stake in double-quick time.
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Europe's STOXX 600 at two-week closing high in lead-up to Fed rate decision

UPDATE 2-Europe's STOXX 600 at two-week closing high in lead-up to Fed rate decision For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window Kingfisher jumps after raising bottom-end of profit forecast Spain's benchmark hits over nine-year high Ryanair gains after CEO says sees better momentum in bookings STOXX 600 up 0.4% Updated at 1600 GMT By Shubham Batra and Shashwat Chauhan Sept 17 (Reuters) - Europe's STOXX 600 recorded its highest closin
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Russia's RusChemAlliance sues five European banks over aborted gas project

Russia's RusChemAlliance sues five European banks over aborted gas project MOSCOW, Sept 17 (Reuters) - Russian company RusChemAlliance has filed new lawsuits against five European banks that stopped financing the construction of a gas project in Russia after the West imposed sanctions against Moscow over the 2022 invasion of Ukraine. The lawsuits, all filed with St Petersburg's Arbitration Court on Sept.
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Brokerages lift S&P 500 target on hopes of Fed rate cut

FACTBOX-Brokerages lift S&P 500 target on hopes of Fed rate cut Updates forecasts for BofA Global Research's currency, UBS Global Research's UK and global GDP, J.P. Morgan's China GDP, Deutsche Bank's U.S. and China GDP and S&P 500 target, Goldman Sachs' headline CPI and euro area GDP and Citigroup's core PCE; Adds background in paragraph 2 and updates paragraph under U.S.
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From now until year-end: What could go well

LIVE MARKETS-From now until year-end: What could go well STOXX 600 down 0.06% Miners down after China data M&A activity provides lifts Week's cen. bank meetings loom Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com FROM NOW UNTIL YEAR-END: WHAT COULD GO WELL Markets have been jittery over the past several weeks, shaken by two significant volatility spikes, but Deutsche Bank reckon
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Deutsche Bank Mulls Options To Hinder Orcel’s Commerzbank Move - Bloomberg News

BRIEF-Deutsche Bank Mulls Options To Hinder Orcel’s Commerzbank Move - Bloomberg News Sept 16 (Reuters) - DEUTSCHE BANK MULLS OPTIONS TO HINDER ORCEL’S COMMERZBANK MOVE - BLOOMBERG NEWS Source text: https://bloom.bg/4daNmH3 Further company coverage: CBKG.DE
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Chinese courier delivery firm BingEx files for US IPO

Chinese courier delivery firm BingEx files for US IPO Sept 13 (Reuters) - Chinese courier delivery firm BingEx, which brands its services as 'FlashEx', has filed to go public in the United States, a regulatory filing showed on Friday. WHY IT'S IMPORTANT Several high-profile companies are trying to test investor appetite for IPOs following a prolonged downturn due to rising interest rates and geopolitical turmoil.
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