| Thursday, April 30, 2015 |
TOP STORY China Rethinks Safety Net for Its Banking System The government is introducing a deposit insurance system, hoping to force a more market-driven approach to lending. |
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DEALBOOK HIGHLIGHTS Renault Sharehlders Back French Government's Voting Rights Plan The approval came over the objections of Carlos Ghosn, the Renault chief, who said the measure might destabilize the company's alliance with Nissan. Lazard Names New Heads of Financial Advisory and M.&A. Alexander F. Stern has been named as the chief of the financial advisory business, and Matthieu Pigasse will serve as global head of mergers and acquisitions. R.B.S. Posts First-Quarter Loss on Restructuring and Litigation Costs The Royal Bank of Scotland booked about $2 billion in the quarter for its efforts to reshape the lender and for potential fines and settlements. BNP Paribas Profit Rose 18% in First Quarter The French bank posted net income of just over $1.8 billion on the strength of corporate and investment banking and its dollar-based returns. Breakingviews: Salesforce's Slow Growth May Prompt Hunt for a Buyer Oracle and Microsoft want to increase cloud capacity, making them possible suitors. Buzz Tracker  | Time Warner Cable Results Fall Short of Predictions First-quarter earnings were reported a week after Comcast abandoned its planned takeover of Time Warner Cable | LOOKING AHEAD BNP Paribas Sentencing BNP Paribas, the largest French bank, is scheduled to face formal sentencing on Friday for having processed dollar transactions on behalf of countries including Sudan and Iran, in violation of sanctions imposed by Washington. The bank pleaded guilty last year to criminal charges in the case and agreed to pay $8.9 billion in penalties. The sentencing in a federal court comes after the bank this month won a Labor Department waiver that allows it to continue operating asset management businesses in the United States. Berkshire Hathaway Meeting On Saturday, more than 40,000 Berkshire Hathaway shareholders will descend on Omaha for the annual meeting of the company, which is celebrating its 50th anniversary. The gathering is known as Woodstock for Capitalists. Warren E. Buffett, Berkshire's chairman and chief executive, and Charles T. Munger, its vice chairman, take questions for more than six hours, and their answers often make news.
Likely hot topics include the company's recent investment in Kraft, its stakes in IBM and Coca-Cola, the debate around companies' buying back their own shares and, a perennial favorite, succession planning. |
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Quotation of the Day "The reality in China was that the deposits of the proletariat have always been de facto backed up by the central government."
Jim Antos, a banking analyst in Hong Kong at Mizuho Securities Asia. |
