Updated - Squid Business

Oil settles down on worries over European banks, U.S. crude reserve

By Laura Sanicola (Reuters) -Oil prices settled lower on Friday as European banking shares fell and after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects. Brent crude settled down 92 cents, or 1.2%, to $74.99. West Texas Intermediate U.S. crude futures fell 70 …

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Dollar outshines euro, sterling amid European bank jitters

By Hannah Lang WASHINGTON (Reuters) – The euro and sterling fell sharply against a strengthening dollar on Friday amid lingering nervousness over banks. Banking stocks plunged in Europe with heavyweights Deutsche Bank and UBS Group pummelled by worries that the worst problems to hit the sector since the 2008 financial crisis have not yet been …

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Explainer-Why markets are in uproar over a risky bank bond known as AT1

LONDON (Reuters) – Financial markets have been thrown a fresh curve ball by the decision to write down 16 billion Swiss francs ($17.5 billion) of Credit Suisse bonds, known as Additional Tier 1 or AT1 debt, to zero as part of a forced rescue merger with UBS. Under the deal, holders of Credit Suisse AT1 …

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Russia-bound Jindal containers stuck at Antwerp port for year -company

By Mohi Narayan and Neha Arora NEW DELHI (Reuters) -Five Russia-bound containers from India’s Jindal Stainless Ltd (JSL) have been stuck at the Belgian port of Antwerp for around a year, unable to enter the European Union, the company said on Friday. “The containers are carrying around 100 metric tonnes of stainless steel,” a company …

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Russians reluctantly embrace Chinese cars after Western brands depart

By Gleb Stolyarov and Roman Churikov MOSCOW (Reuters) – As the exodus of Western carmakers narrows options for Russian consumers, Chinese automakers are filling the gap, forcing Russians to overcome their reluctance to embrace Chinese brands and stomach higher prices. Chinese brands such as Haval, Chery and Geely now account for almost 40% of Russia’s …

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Banker fired over sexual harassment sues Barclays for $700,000

By Kirstin Ridley LONDON (Reuters) – A former Barclays director, fired for sexual harassment and other misconduct, is suing the British bank for more than 584,600 pounds ($719,412), arguing that female colleagues fabricated allegations and that his dismissal was unfair. Robert Record, once a senior wealth manager overseeing assets worth 580 million pounds, was dismissed …

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South African stocks fall as banking worries spread

By Tannur Anders JOHANNESBURG (Reuters) -South African stocks fell on Friday after a plunge in European banking shares shook up the local market, while the rand weakened against a stronger U.S. dollar. On the Johannesburg Stock Exchange, the blue chip Top 40 index closed down 1.26% and the broader all-share index fell 1.18%. Banking stocks …

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Block shares extend losses as Hindenburg report weighs

By Manya Saini (Reuters) – Shares of Twitter co-founder Jack Dorsey’s Block Inc fell 3% in afternoon trading on Friday, a day after the payments firm’s Cash App business became the latest target of U.S. short seller Hindenburg Research. In a report, Hindenburg alleged that Block overstated its user numbers and understated its customer acquisition …

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K-pop takeover battle loser HYBE to sell $437 million stake in SM

By Hyunsu Yim SEOUL (Reuters) -South Korean music label HYBE, manager of boy band BTS, said on Friday it aimed to sell its entire 15.8% stake in K-pop pioneer SM Entertainment for 564 billion won ($437 million) by accepting a tender offer from bidder Kakao. The decision marked a formal end to a takeover battle …

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U.S. imposes fresh sanctions on Myanmar, targets jet fuel suppliers

By Daphne Psaledakis and Simon Lewis WASHINGTON (Reuters) -The United States on Friday announced further sanctions against Myanmar, targeting the supply of jet fuel to Myanmar’s military following air strikes in civilian populated areas, the U.S. Treasury Department said. The Treasury in a statement said it imposed sanctions on two people and six entities connected …

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