69.90 +0.16 (0.23%)
Pre-Market: 4:56AM EDT
|Bid||0.00 x 4000|
|Ask||70.50 x 900|
|Day's Range||69.14 - 70.09|
|52 Week Range||48.42 - 73.08|
|Beta (3Y Monthly)||1.89|
|PE Ratio (TTM)||9.26|
|Earnings Date||Jan 14, 2020|
|Forward Dividend & Yield||2.04 (2.94%)|
|1y Target Est||82.77|
FT subscribers can click here to receive FirstFT every day by email. Boris Johnson will make a renewed attempt on Monday to win parliament’s backing for his Brexit deal and overcome setbacks at the weekend ...
The new head of Citigroup in Europe said he was confident that the City of London would retain its status as the region’s top financial centre regardless of the outcome of Brexit. David Livingstone, who in February took over as chief executive of the bank in Europe, the Middle East and Africa, said that London would continue to benefit from its “unique timezone [and] the rule of law”, as well as “huge support mechanisms” such as an abundance of professional services firms.
(Bloomberg) -- Hangzhou Hikvision Digital Technology Co. warned it may lose customers in overseas markets because of its U.S. blacklisting, underscoring the extent to which curbs on the sale of American technology may hurt the world’s largest video surveillance business.Executives at the Chinese camera provider, which reported profit in line with estimates, said clients may hold off on purchases while they gauge the impact of those restrictions. But the company is large enough to withstand U.S. sanctions and develop its own technology in the longer term, they said. Its own home market remains a rich vein of revenue as the U.S. business shrinks, a trend that may persist, Huang Fanghong, a Hikvision senior vice president, said on a call Saturday. Its shares gained as much as 5.4% Monday -- the most in more than a month on an intraday basis.Hikvision found itself in the cross-hairs of the Trump administration this month after it joined other Chinese companies -- including Huawei Technologies Co. -- on an Entity List that prevents American firms from supplying it with components and software. The seller of video cameras used around the world in surveillance was accused of involvement in human rights violations against Muslim minorities in the far-western region of Xinjiang. On Monday, brokerages including Citigroup and CICC cut their projections on Hikvision’s 2020 earnings growth.“While management says they expect the worst is over, we believe some customers may have concerns on the impact of the Entity List,” Citigroup analysts wrote.Hikvision executives say they had anticipated the action and stockpiled enough key parts to keep operations going for some time. The company has also said it didn’t foresee major impact on its business as a result of the ban.In Huawei’s case, for instance, some suppliers including Intel Corp. and Micron Technology Inc. developed workaround solutions to the prohibition. Most of Hikvision’s American suppliers are continuing to do business with it, while abiding by export regulations and without the need for special licenses, according to Huang.“We have made a great deal of preparations, from a year ahead of the ban,” Huang said. “There’s no way for us to fully discuss the impact from the entity list in 10 days. We need more time to talk to our suppliers and customers. A steady component supply is key in this process, no matter if we decide to use original materials or a replacement design.”The U.S. decision, which came on the eve of sensitive trade negotiations, takes President Donald Trump’s economic war against China in a new direction: the first time his administration has cited human rights as a reason for action. It deals a potentially heavy long-term blow against Hikvision, which has steadily switched to Chinese-made components in recent years but still relies on the likes of Intel, ON Semiconductor Corp. and Texas Instruments Inc., particularly for higher-end chips.Still, as much as 80% of Hikvision’s sales are insulated from the U.S. ban, analysts Charles Shum and Simon Chan of Bloomberg Intelligence wrote in an Oct. 8 note.“Hikvision’s sales may continue to rise over the next year despite the Trump administration’s decision,” they wrote. “It can also source alternative parts, though with a weaker performance, from local suppliers in the medium term.”Hikvision reported Friday that net income grew 17% to 3.81 billion yuan ($538 million) in the September quarter, while revenue grew 23%. The company forecast growth of 5% to 20% in net income this year.Hikvision was added to the Entity List alongside SenseTime Group Ltd. and Megvii Technology Ltd., two giant enterprises Beijing is counting on to spearhead advances into a revolutionary technology. Hikvision doesn’t play as outsized a role in China’s ambitions but it’s a key partner to Beijing as well as governments around the world. Its cameras are used from Paris to Bangkok and Urumqi, and are considered pivotal to crime prevention as well as helping build “smart cities” or networked urban environments.Longer term, U.S. sanctions threaten to crimp some of the explosive growth Hikvision has managed this decade, in large part due to China’s effort to put in place the world’s largest surveillance and monitoring network. The company may find itself short of the components it needs to build advanced systems, unless Chinese chipmakers succeed in developing more advanced chips -- another of Beijing’s stated policy ambitions in tech.Thanks to cheap but capable cameras, the Chinese company has enjoyed double-digit growth over the past eight years. Demand for its surveillance cameras, video storage and data analysis services has boomed particularly in its home market. Overseas, the company competes against Canon, Hanwha Techwin and Bosch.(Updates with shares and analysts’ actions from the second paragraph)To contact Bloomberg News staff for this story: Gao Yuan in Beijing at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The week contained enough good news to drive just about any market higher, but instead ended with the Dow Jones Industrial Average lower for the fourth time in five weeks.
Investor sentiment upbeat on banks' Q3 earnings, with the major players displaying top-line strength on the back of higher fee income and loan growth.
Citigroup is the latest company betting on China for growth. Newly appointed Asia-Pacific chief executive Peter Babej has the tough task of manoeuvring between monolithic state-owned banks and fast-moving foreign peers at a time of worsening east-west tensions. Staking a claim for Citi in Chinese securities will be more demanding.
Citigroup has promoted Peter Babej, the head of its financial institutions group, to the position of chief executive for the Asia-Pacific region, the biggest overseas market outside its home base for the American bank.Babej, who joined the bank as co-head of its financial institutions group in 2010 after serving in senior roles at Deutsche Bank and Lazard, will begin transitioning to the new role "immediately", according to an internal memo seen by the South China Morning Post. Babej, who was named sole head of the financial institutions business in 2017, will be based in Hong Kong."Under Peter's leadership, the [Financial Institutions Group] has participated in some of the most significant transactions in the sector, including several Asia-driven mergers and acquisitions," Citi chief executive Michael Corbat said in the memo. "He will draw on his deep knowledge of the financial services landscape in Asia, where we continue to see great opportunities, including fast-growing digital adoption, for which Citi is well-positioned given our footprint and capabilities."The appointment comes six months after Francisco Aristeguieta stepped down in July as Citi's regional CEO to take a role as head of State Street Corporation's international business.Image of Peter Babej, the new Asia-Pacifc chief executive of Citigroup. Photo: Handout alt=Image of Peter Babej, the new Asia-Pacifc chief executive of Citigroup. Photo: HandoutTim Monger has been serving as interim CEO for Asia-Pacific at Citi and will return to his role as chief financial officer for the region, according to the memo.In the third quarter, net income from continuing operations in its global consumer business in Asia rose 10 per cent to US$422 million. Profit from continuing operations in its institutional clients group business in Asia jumped 15 per cent to US$843 million in the quarter. The move to name Babej to head Citi's regional business comes at a challenging time in the region.Mergers and acquisitions in Asia fell to US$599.6 billion in the first nine months of 2019, the slowest pace in five years, according to Dealogic.The weaker merger activity comes as investors and businesses are increasingly concerned about a global economic slowdown and a trade war that has raged between the United States and China for more than a year.Tensions have eased somewhat after US President Donald Trump said the world's two biggest economies had reached a "substantial phase-one deal" following two days of negotiations in Washington last week. As part of the agreement, the US would delay implementation of additional tariffs and Beijing agreed to buy more American agricultural products.Private-equity firms, however, expect the trade war to continue to have the biggest effect over any other factor on deal flows in the Asia-Pacific region in the next 12 to 18 months, according to a new report by the law firm Dechert and financial data provider Mergermarket.Citigroup realigned its corporate banking business in 2016 to take advantage of key corridors in Asia, where trade and capital have historically flowed. The bank said earlier this year that it was a banker to 90 per cent of the Fortune 500 companies operating in Belt and Road Initiative markets.The bank also is proud of the growth of its digital consumer bank in Asia, saying it has seen digital engagement increase by 25 per cent in recent years in the region.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
(Bloomberg) -- Dubai’s biggest bank is seeking to raise 6.45 billion dirhams ($1.76 billion) from a rights share offering as it expands abroad and courts more foreigners to its stock.The state-controlled Emirates NBD PJSC plans to offer 758.8 million shares at 8.5 dirhams each, it said in a statement. That compares with its closing price of 13.15 dirhams on Oct. 16 and represents a discount of about 35%. The issue opens Nov. 10 and will close Nov. 20.The shares dropped 3.8% at 12.65 dirhams at 11:31 a.m. in Dubai, dragging the exchange’s benchmark index 1.4% lower. For the year, the shares are up more than 40%.Emirates NBD last year proposed selling new shares to help fund the acquisition of Turkey’s Denizbank AS. The lender plans to use the proceeds of the sale to strengthen its capital base and support growth, according to Thursday’s statement.Lenders in the six-nation Gulf Cooperation Council are trying to broaden the base of their investors as a combination of low oil prices, slowing economic growth and geopolitical upheavals drain inflows.Emirates NBD last month raised the cap on foreign ownership holding in its shares to 20% from 5%, with plans to seek shareholders’ approval to double the new limit. It also raised raised 305 million pounds ($373 million) from the sale of a stake in London-listed Network International Holdings Plc.Read More: Dubai’s Biggest Bank Joins Rivals to Draw Foreign InvestorsEmirates NBD Capital PSC, the bank’s investment banking unit, is managing the rights share offering, while Citigroup Inc., Morgan Stanley, Clifford Chance LLP and Matouk Bassiouny & Ibrahim are acting as advisers.(Updates with share price move in third paragraph.)To contact the reporter on this story: Arif Sharif in Dubai at firstname.lastname@example.orgTo contact the editors responsible for this story: Shaji Mathew at email@example.com, Alaa ShahineFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
American multinational financial services corporation Citigroup Inc. (NYSE: C) has appointed Peter Babej as the new chief executive officer of its Asia Pacific region, a memo sent to staff by Citi global CEO Mike Corbat shows. Babej previously served as the bank’s global head of financial institutions group.
Citigroup has appointed Peter Babej as its new chief executive for Asia-Pacific, an increasingly important region for the US bank, which is seeking to grow its presence in mainland China. Mr Babej joined the bank in 2010 and has been the head of Citi’s financial institutions group for the past two years, based in New York. In that role he was involved in a number of sizeable transactions in Asia, including last year’s financing round for Ant Financial.
Citigroup Inc has named Peter Babej, the U.S. bank's global head of financial institutions group, as its new Asia Pacific chief executive officer, according to an internal memo seen by Reuters on Thursday. Babej joined Citi in 2010 as co-head of the financial institutions group after having previously worked at Deutsche Bank and investment bank Lazard , according to the memo sent to staff by Citi global CEO Mike Corbat.
Citigroup Inc has named Peter Babej, the U.S. bank's global head of financial institutions group, as its new Asia Pacific chief executive officer, according to an internal memo seen by Reuters on Thursday. Babej joined Citi in 2010 as co-head of the financial institutions group after having previously worked at Deutsche Bank and investment bank Lazard, according to the memo sent to staff by Citi global CEO Mike Corbat.
Bank of America earnings topped third-quarter views. Share cleared a buy point early Wednesday but closed below it after attempting to break out the day before.
Citi has signed a purchase and sale agreement for 580 CrossPoint Parkway in the CrossPoint Business Park and approximately nine acres of adjacent land from owner Uniland Development Company. This building purchase is a part of Citi’s Amherst office complex, and demonstrates Citi’s long-term commitment to remain in Western New York. With this transaction, Citi will own the 158,000 square foot building located at 580 CrossPoint Parkway and will extend its lease with Uniland on the conjoined 107,000 square foot building located at 540 CrossPoint Parkway.
Wall Street closed Tuesday's trading session at more than three-week high, thanks to better-than expected third quarter 2019 earnings of mostly major American banks.