Tag: Banks

Retailers Beat Low Bar While Banks Stay Cautious: Earnings Wrap

(Bloomberg) — Some consumer companies beat depressed earnings expectations but the broader outlook for the rest of the year remains murky based on forecasts from chemical producers and banks, particularly with fears of a possible resurgence in virus infections.

Gucci-owner Kering SA said it was seeing signs of a recovery through online sales even as its second-quarter revenue plunged. French grocer Carrefour SA was also boosted by a standout performance in its Latin American arm. And though U.K. high street bellwether Next Plc’s sales fell by nearly three-quarters, the expectations were even worse.

European companies’ second-quarter reports so far have

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After $9 Billion Credit Hit, Banks Seek Trade Finance Revamp

(Bloomberg) — When Credit Agricole SA and HSBC Holdings Plc issued a payment guarantee for a $76.5 million fuel purchase from a Singapore trader in March, they unwittingly became the latest victims in a series of trade finance scandals that have led to more than $9 billion in potential losses for global lenders.

At the same time that Hin Leong Trading Pte. was pledging the fuel to back the loan, it allegedly agreed to sell the same cargo to another trader, who sought letters of credit from three banks including Credit Agricole.

This line of credit merry-go-round was among many

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Digital Realty Banks on Singapore Tech Boom, Powers On New Unit

Digital Realty Trust, Inc. DLR recently “powered on” its third data center — Digital Loyang II (SIN12) — in Singapore. The move comes as part of the company’s expansion strategy to capitalize on the country’s digital economy, rapidly-growing FinTech industry, and aid in the operation of crucial industries.

The new, 50-megawatt SIN12 facility offers a total footprint of 34,000 square meters. It provides scope for global enterprise customers to grow their core digital assets on PlatformDIGITAL™ in the Singapore market. This facility is located neighboring to Digital Loyang I, or SIN11, with diverse high-count fiber routes connecting both data centers.

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