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India's JSW Plans $468 Million Debt Sale to Fund Akzo Deal
India's JSW Plans $468 Million Debt Sale to Fund Akzo Deal

Bloomberg

time6 days ago

  • Business
  • Bloomberg

India's JSW Plans $468 Million Debt Sale to Fund Akzo Deal

Indian conglomerate JSW Group is in talks with global lenders to raise about 40 billion rupees ($468 million) to partly fund its purchase of Akzo Nobel NV 's local business, according to people familiar with the matter. Foreign banks including Barclays Plc, Mitsubishi UFJ Financial Group Inc. and Standard Chartered Bank Plc will arrange the debt, which is expected to be denominated in rupees, said the people, who asked not to be identified because the information is confidential.

Jes Staley Loses Bid to Overturn Ban Over Jeffrey Epstein Friendship
Jes Staley Loses Bid to Overturn Ban Over Jeffrey Epstein Friendship

Mint

time6 days ago

  • Business
  • Mint

Jes Staley Loses Bid to Overturn Ban Over Jeffrey Epstein Friendship

(Bloomberg) -- Former Barclays Plc boss Jes Staley lost a legal battle to overturn his ban from UK finance over his relationship with Jeffrey Epstein, all but ending his attempt to rehabilitate himself in the British financial services industry. A London judge sided with the Financial Conduct Authority, ruling that the executive misled officials about the nature of the banker's relationship with the late pedophile financier. 'He has shown no remorse for his conduct which has led to the authority's investigation,' Judge Timothy Herrington said in his ruling on Thursday. Staley had brought the legal challenge, the most high-profile court case between the City regulator and any executive in recent years, in a bid to overturn the watchdog's move to fine and ban him from the industry. 'He hoped that the truth would never come to light and that he would get away with it,' Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said in a statement after the ruling. 'Such a serious lack of integrity flies in the face of the requirements we place on those at the top.' The judge did cut the fine Staley has to pay to £1.1 million ($1.5 million), reduced from £1.8 million to reflect the former banking executive's loss of share awards following the FCA's punishment. A lawyer for Staley didn't immediately respond to a request for comment. Staley has 14 days to appeal the ruling. During the trial the FCA displayed reams of emails showing the pair's close friendship, detailed Staley's visits to Epstein's Caribbean island and revealed that the banker had sex with an Epstein staffer. Still, Staley argued that the FCA's supervisory head had never been sufficiently clear with Barclays in his preliminary inquiries and that the bank's officials collectively drafted the letter at the center of the case. 'In our view, the evidence that Mr. Staley had a close relationship with Mr. Epstein is overwhelming,' the judge said. Staley turned up in court every day during the trial, giving testimony for four days. He said that Epstein had introduced him to 'three of the five wealthiest people in the world' during his days as a senior executive at JPMorgan Chase & Co., saying he had the 'best rolodex.' The judge zeroed in on JPMorgan's decision to retain Epstein as a client even after bank officials became concerned about reports of Epstein's involvement in sex trafficking. The judge said it was 'more likely than not' that Staley's support for Epstein ensured that the US bank kept the disgraced financier as a client. While the judge said Staley didn't set out to mislead the tribunal, some of his evidence 'lacked credibility.' 'It was often the case that his memory was clear on matters which were helpful to his case, but not so in relation to matters that called for an explanation,' the judge said. During the hearings, the FCA argued that Staley's relationship went well beyond a professional one and that he deliberately minimized a 'deeper and more profound' affinity. Epstein was jailed in Florida in June 2008 for soliciting sex from underage girls. He was arrested again in July 2019 on federal charges relating to, among other things, the sex trafficking of minors, shortly before his death in a New York jail cell. Staley stepped down from Barclays two years later. Staley argued that he never knew the whole story about Epstein. In one exchange, a Barclays executive said Staley had told her, 'why would I have introduced my wife and daughters to Mr. Epstein if I thought he was a pedophile?' The trial saw some of the most senior figures in the City of London, including Bank of England Governor Andrew Bailey and Barclays Chairman Nigel Higgins, give evidence. 'We have noted Mr. Staley's achievements as chief executive of Barclays, but in our view these do not diminish the seriousness of the misconduct,' Herrington said in his ruling. 'The loss of his longstanding career is an inevitable consequence of that conduct.' (Adds detail throughout.) More stories like this are available on

Jes Staley Loses Bid to Overturn Ban Over Epstein Relationship
Jes Staley Loses Bid to Overturn Ban Over Epstein Relationship

Bloomberg

time7 days ago

  • Business
  • Bloomberg

Jes Staley Loses Bid to Overturn Ban Over Epstein Relationship

Former Barclays Plc boss Jes Staley lost a legal battle to overturn his ban from the City watchdog over his relationship with Jeffrey Epstein, all but ending his attempt to rehabilitate himself in the British financial services industry. A London judge sided with the Financial Conduct Authority, ruling that the executive misled officials about the nature of the banker's relationship with the late pedophile financier. But the judge did cut the fine Staley has to pay.

Ontario drops American banks from U.S.-dollar bond sale in first since 2011
Ontario drops American banks from U.S.-dollar bond sale in first since 2011

Vancouver Sun

time10-06-2025

  • Business
  • Vancouver Sun

Ontario drops American banks from U.S.-dollar bond sale in first since 2011

Ontario left American banks out of a US-dollar bond sale for the first time in almost 14 years, choosing Barclays Plc as its foreign bank to help manage a $2 billion debt issue. Canada's largest province sold 10-year bonds last week in a deal led by Barclays and three Canadian banks — BMO Capital Markets, Canadian Imperial Bank of Commerce and Bank of Nova Scotia. It's the first greenback bond issue for Ontario since early January, shortly before Donald Trump's inauguration. The last time U.S. banks were not involved in a US-dollar bond sale by Ontario was July 2011, Bloomberg records show. Since then, the province has done about 40 such deals. Bank of America Corp. was involved in the January sale; Goldman Sachs Group Inc. and JPMorgan Chase & Co. were the U.S. banks on the one before that, in September. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. The deal 'was part of regular bond rotation and U.S. banks were in no way deliberately excluded,' Colin Blachar, a spokesperson for Ontario's ministry of finance, said in an email. 'Bond issuance is run through the Ontario Financing Authority, which is an arms-length organization to government.' Questions to the OFA were referred back to the finance ministry. Ontario Premier Doug Ford has expressed anger over U.S. President Donald Trump's tariffs, which have hit key sectors of the province's economy. In March, after the White House unleashed its first wave of tariffs against Canada, Ford's government released a policy that restricts public-sector entities in procuring from US businesses. The government ordered US-made wine and liquor pulled from the shelves of alcohol stores and said provincial building projects would focus on using Canadian-made materials, as much as possible. But the policy doesn't specifically state that the Ontario Financing Authority can't give new business to US financial institutions. Ontario is the center of Canada's automotive industry, the home to assembly plants owned by General Motors Co., Honda Motor Co. and other manufacturers, and has large steel mills — sectors that have been specifically targeted by Trump in his tariff policy. The province's unemployment rate rose to 7.9% in May, up more than a percentage point from a year earlier. The province expects to borrow nearly $60 billion in this fiscal year to fund a growing budget deficit, and has said that as much as 30%, or nearly $13 billion, may come from foreign markets. Other Canadian provinces are also expected to borrow more this year as an economic slowdown leads to wider budget deficits. JPMorgan has already lost 'a couple' of bond deals tied to the tariff uncertainty, with issuers opting for local banks instead, JPMorgan Chief Executive Officer Jamie Dimon said in April, without giving specifics. Ontario isn't the only province to break with American banks for foreign-currency bonds since the US began placing tariffs on imports from Canada earlier this year. In April, Alberta sold a €1.25 billion ($1.4 billion) bond without using Bank of America, a first in six years. That exclusion, which Alberta said at the time wasn't the result of a blanket ban, aligned with the broader provincial move to reject US goods and services. British Columbia, on the other hand, sold a $2.5 billion US-dollar bond on Wednesday using a syndicate group that included Bank of America and Citigroup. The western province also sold a euro bond with the help of JPMorgan late last month. 'Being an issuer in the US-dollar global bond market can include U.S. banks among the lead managers and support competitive and efficient access to international US dollar investors, as well as strong secondary market performance,' a spokesperson for BC's finance ministry said via email. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .

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