Business

Bombardier CEO sees significant growth of defense jets business

Bombardier Inc (BBDb.TO) Chief Executive Officer Eric Martel said on Tuesday the company’s defense business involving special mission business jets could grow to a possible $1 billion in annual revenues from a ‘fraction’ of it right now. “Today it’s a fraction … and we can see this growing quite significantly to become a billion, maybe […]

Business

Credit Suisse sells trust business, seeking break with past

Credit Suisse Group (CSGN.S) is selling its global trust business, an offshore arm for wealthy clients, as it embarks on an overhaul of its business following a series of scandals. The sale was announced as the Swiss bank defended itself against a billion-dollar-plus damages claim involving its trust arm in Singapore. Credit Suisse said it […]

Business

Lazard hires ex-JPMorgan vice chairman Donahue for private credit

Lazard Ltd (LAZ.N) has hired a former JPMorgan banker, Timothy Donahue, as vice chairman of U.S. investment banking in New York, Lazard said on Tuesday. Donahue, who previously served as vice chairman of capital markets at JPMorgan Chase & Co, will help lead the boutique investment bank’s private credit business. He holds a bachelor’s degree […]

Business

U.S. service sector keeps momentum in August; price pressures ease

The U.S. services industry picked up again in August for the second straight month amid stronger order growth and employment, while supply bottlenecks and price pressures eased, reinforcing the view that the economy was not in recession despite output sinking in the first half of the year. The Institute for Supply Management said its non-manufacturing […]

Business

UK weighs huge support package as Europe battles energy crisis

Britain’s new prime minister was working on what looks set to be Europe’s biggest energy crisis support package so far as countries scramble to protect households and businesses from soaring bills and shore up struggling suppliers. Liz Truss, who took over from Boris Johnson on Tuesday, is planning to freeze household energy bills at the […]

Business

South Africa’s Shoprite promises to hold down prices, shares slide

Shares in Shoprite Holdings slid 7% on Tuesday after South Africa’s No. 1 grocer reported lower-than-expected profit and a narrower trading margin, while promising to hold down prices to keep attracting customers as they feel the inflation squeeze. The discount chain with stores in 11 African countries raised its final dividend to 3.67 rand ($0.21) […]

Business

Goldman Sachs promotes Jacqueline Arthur to lead human resources

Goldman Sachs Group Inc (GS.N)on Tuesday appointed Jacqueline Arthur, a 15-year veteran of the bank, to run human resources starting Jan. 1, the company told Reuters exclusively. Arthur, 45, will take over from Bentley de Beyer, who has been the bank’s global head of human capital management since early 2020. Arthur currently serves as chief […]