Activist investor Carl Icahn raised his stake in U.S. car rental company Hertz Global Holdings Inc to 10.77 percent from 8.48 percent. The billionaire was already Hertz's largest shareholder and in the past few months had successfully pushed for management changes and won board seats on the company.
Investors
China's big five banks rise on draft deposit insurance rules
Mainland listed shares in China's big five banks jumped on Monday but later pared gains, after the country issued draft regulations to introduce a bank deposit insurance scheme for the first time.
Commerzbank CEO sees mergers among smaller German banks
The chief executive of Commerzbank is predicting a wave of mergers among Germany's cooperative and savings banks. Martin Blessing, who heads Germany's second biggest bank, noted that there were still almost 2,000 banks in Germany, in contrast to about 20 in Spain.
As energy shares tumble, opportunity lurks
Shale stocks have been hard-hit as investors see margins all but evaporating following the slide in crude oil prices, but the U.S. shale energy boom is not over.
Banking tricks blunt China's drive to increase lending
China hopes that last week's interest rate cut will increase lending into the economy to shore up flagging growth, but measuring any rise will be impeded by a number of tricks the country's bankers use to manipulate the figures.
Latest News
Asian stocks edged up on Wednesday after data showing the U.S. economy growing at a relatively solid pace calmed investor anxiety over slowing global growth, while the Australian dollar languished near four-year lows against the dollar.
Asian shares gave back some of their China-inspired gains on Tuesday, while oil prices slumped ahead of this week's OPEC meeting.
U.S. fund firms are taking extra measures to make sure they don't get stuck holding hard-to-sell bonds in the event that fixed income markets see a massive race to the exits when interest rates start to rise.
European stocks were set to open slightly higher on Monday, adding to Friday's sharp rally sparked by dovish comments from European Central Bank President Mario Draghi and a surprise interest rate cut in China.
Asian share markets were broadly higher on Monday as the prospect of further policy stimulus in China and Europe whetted risk appetites while sending the euro skidding.
China's latest interest rate cut is set to dent the profitability of domestic lenders, especially mid-sized banks, which are already suffering from higher bad loans and a slowdown in profit growth.
China's Industrial and Commercial Bank (ICBC) signed a pact with the Los Angeles city government to promote cross-border yuan trade and set up an offshore renminbi center in California, the bank said on Saturday.
World stock markets and oil prices rallied on Friday, fueled by hopes for global growth after China rolled out a surprise interest rate cut and the European Central Bank indicated it would step up asset purchases to boost the euro zone economy.
U.S. stock investors head into the Thanksgiving holiday thankful for the market's recent strength, which puts major indexes on track for another year of double-digit gains, though the swiftness of the advance has raised eyebrows.
