Live Updates: Ossoff makes case for Senate seat as all eyes focus on Georgia
‘The future of our country is on the ballot’ in Georgia: Sen. Loeffler
Sen. Kelly Loeffler, R-Ga., tells ‘Sunday Morning Futures’ Georgia Senate seats are a ‘firewall’ to stop socialism.
Democratic Georgia Senate candidate Jon Ossoff took a shot at Senate Majority Leader Mitch McConnell, R-Ky., on Sunday – saying that if Democrats don’t win control of the upper chamber of Congress than McConnell will stonewall any legislation going through the Senate.
Ossoff, who faces a Jan. 5 runoff election against Republican Sen. David Perdue, told CNN’s “State of the Union” that President-elect Joe Biden’s administration needs “the capacity … to govern in the midst of a crisis” and that a Republican-held Senate would hamper any initiatives put forth by the incoming White House, especially when it comes to dealing with the coronavirus pandemic.
Dutch bank ABN Amro to scrap almost 3,000 jobs by 2024
- ABN, one of the three dominant lenders in the Netherlands, said it would cut 15% of its current staff of about 19,000 by 2024.
- This as it looks to bring down costs by 700 million euros ($838.11 million) to 4.7 billion euros per year.
Dutch bank ABN Amro said on Monday it would cut almost 3,000 jobs in the coming years, as it focuses on profitable activities in the Netherlands and northwest Europe.
ABN, one of the three dominant lenders in the Netherlands, said it would cut 15% of its current staff of about 19,000 by 2024, as it looks to bring down costs by 700 million euros ($838.11 million) to 4.7 billion euros per year.
In an update before its annual investors day, the bank also said it would aim for a core capital adequacy ratio of at least 13%, and consider share buybacks if the so-called CET 1-ratio under Basel IV rules topped 15%.
The measures are needed to deliver a return on equity of 8% by 2024, the largely state-owned bank said.
ABN Amro Plans to Reduce Workforce by 15% in Cost-Cutting Plan
ABN Amro Bank NV plans to cut its workforce by 15% over four years as the Dutch lender retreats from large parts of investment bank.
The company is targeting 700 million euros ($840 million) of new savings by 2024, with most of the job reductions to start in 2022, Chief Executive Officer Robert Swaak said in an investor update on Monday. ABN Amro has around 19,000 employees.
ABN Amro posted losses in the first half after taking hits on individual corporate clients, returning to profit in the third quarter. In August, Swaak announced plans toslash a third of the bank’s corporate business bring it into line with the overall risk profile of the bank.
While the bank stuck with its policy of paying at least 50% of profit in dividends, it said shareholder remuneration above that amount will now be done via share buybacks rather than the cash payments it has done in previous years.
ABN Amro said it aims to have a return on equity of 8% by 2024 and 10% in the longer term, though that’s subject to interest rate normalization it said. That’s more cautious than its previous target of 10%-13% target without caveats.
Italy Approves New Stimulus Package to Bolster Shrinking Economy
Italy’s government has approved a fourth stimulus package to support businesses hit by the latest restrictions to stem the spread of the coronavirus.
The package is worth 8 billion euros ($9.6 billion), according to a statement published Monday. It delays tax deadlines for companies and expands cash handouts for workers in tourism and the arts, which have been severely disrupted by the pandemic.
The euro area’s third-largest economy has struggled to deal with the economic fallout from the pandemic. Saddled with one of the world’s heaviest debt burdens, it has relied on exceptional support from theEuropean Central Bank to tap bond markets.
Italy’s parliament this month backed the government’s request to swell the nation’s budget deficit by 8 billion euros to fund the additional relief measures.
Bloomberg Economics estimates the economy will shrink 1.8% in the final three months of the year, if the current restrictions don’t change. That compares with the 13% drop recorded in the second quarter, when much stricter curbs were in place.
Prime Minister Giuseppe Conte approved 100 billion euros in stimulus to provide support during the first wave of the pandemic in the spring. Any extra spending is set to send debt above 160% of GDP by the end of the year.
— With assistance by Daniele Lepido
S&P Global in advanced talks to buy IHS Markit for about $44 billion: WSJ
- S&P Global provides debt ratings of sovereigns, companies, as well as data to capital and commodity markets around the world.
- IHS has a market value of around $36.88 billion based on the stock's last close on Friday, Reuters calculations showed.
S&P Global Inc is in advanced talks to buy London-based IHS Markit Ltd for about $44 billion in a deal that would combine two major data providers, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
A person familiar with the matter confirmed to Reuters that S&P Global was nearing a deal to buy IHS.
The deal, which at that price would be the largest of the year, could be announced as soon as Monday, according to the WSJ report.
S&P Global and IHS did not immediately respond to Reuters' requests for comment.
S&P Global provides debt ratings of sovereigns, companies, as well as data to capital and commodity markets around the world.
IHS' diverse set of businesses range from selling data on automotive and technology industries to publishing Jane's Defence Weekly. The company was formed after U.S.-based IHS Inc bought Britain's Markit Ltd in 2016.
IHS has a market value of around $36.88 billion based on the stock's last close on Friday, Reuters calculations showed.