Citi confirms quarterly dividend of 60c per share
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USA Today
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- USA Today
Kroger settles with C&S Wholesale after failed $25 billion Albertsons merger
Kroger announced Aug. 11 that it has settled litigation with C&S Wholesale Grocers, which sued the Cincinnati-based supermarket giant in the wake of a failed $25 billion merger with Albertsons. The Keene, New Hampshire-based supplier and retailer was set to acquire nearly 600 divested stores from Kroger and Albertsons upon completion of the deal. C&S Wholesale claimed Kroger owed it a $125 million termination fee in the event the merger was called off. Kroger said all claims were resolved. Terms of the settlement were confidential. 'We are pleased to resolve the claims from C&S, and we look forward to a friendly relationship with them going forward,' said Interim CEO Ron Sargent, in a statement. Would-be acquirer of stores was part of merger's failure C&S Wholesale was seen as part of the reason for the merger's failure. While the company supplies thousands of grocery stores nationwide, its retail operations were modest: a couple dozen stores. In the successful antitrust cases against the merger, regulators argued C&S Wholesale would not be a strong enough competitor to a super-sized Kroger. C&S Wholesale executives also faced several awkward questions during antitrust hearings when it was revealed they had mocked their own company's retail investments. Litigation against Kroger in the aftermath of the abandoned merger is not over: The Boise, Idaho-based retailer announced it was also suing Kroger the same day it pulled out of the deal for allegedly botching regulatory approval. Albertsons' lawsuit is also seeking to collect a breakup fee worth $600 million. Details of Kroger CEO's abrupt exit sought in two lawsuits In that case, Albertsons is seeking the reason that Kroger's long-serving CEO Rodney McMullen resigned in March following an ethics investigation. Kroger has offered few details of McMullen's exit, saying only that "certain personal conduct" by McMullen was 'inconsistent' with its ethics policy. Albertsons argues that Kroger's ethical conduct, while McMullen was at the helm, is relevant to how it pursued its efforts to win merger approval. McMullen's departure has also come up in another lawsuit against Kroger. Grammy-nominated singer Jewel has sued the grocer for allegedly cutting her out of the Kroger Wellness Festival, which she helped organize in its early years. In that case, a judge has ordered McMullen to explain the details of his resignation, which may later be revealed in court records.
Boston Globe
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- Boston Globe
Aviation startup Merlin Labs valued at $800 million in deal to go public
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Yahoo
36 minutes ago
- Yahoo
Citigroup considers custody and payment services for stablecoins, crypto ETFs
By Tatiana Bautzer and Hannah Lang NEW YORK (Reuters) -Citigroup is exploring providing stablecoin custody and other services, a top executive told Reuters, in a further sign sweeping policy changes in Washington are spurring major financial firms to expand into the cryptocurrency business. The U.S. bank is among a handful of traditional institutions, including Fiserv and Bank of America, considering pushing into stablecoins after Congress passed a law paving the way for the crypto tokens to become widely used for payments, settlement, and other services. Stablecoins are cryptocurrencies pegged to a fiat currency or another asset, commonly the U.S. dollar. That law requires stablecoin issuers to hold safe assets such as U.S. Treasuries or cash to back the digital coins, creating opportunities for traditional custody banks to provide safekeeping and administration of the assets. "Providing custody services for those high-quality assets backing stablecoins is the first option we are looking at," Biswarup Chatterjee, global head of partnerships and innovation for Citigroup's services division, said in an interview. Citi's services business, which includes treasury, cash management, payments, and other services to large companies, remains a core unit for the bank, which has been undergoing a major restructuring. A McKinsey study estimates about $250 billion in stablecoins have been issued so far, but are mainly used to settle cryptocurrency trades. While Citigroup said last month it was considering issuing its own stablecoin, the bank has not previously discussed its broader digital asset plans. Citi is also exploring custody services for digital assets that back crypto-related investment products. For example, many asset managers have launched ETFs tracking the spot price of bitcoin since the Securities and Exchange Commission authorized such products last year. The largest bitcoin ETF, BlackRock's iShares Bitcoin Trust, has around $90 billion in market capitalization. "There needs to be custody of the equivalent amount of digital currency to support these ETFs," Chatterjee said. Currently, crypto exchange Coinbase dominates that business. In a statement, a Coinbase spokesperson said the company serves as the custodian for more than 80% of issuers of crypto ETFs. Citi is also exploring using stablecoins to speed up payments, which in the traditional banking system typically take several days or longer. Currently, Citi offers "tokenized" U.S. dollar payments that use a blockchain network to transfer dollars between accounts in New York, London, and Hong Kong 24 hours a day. It is developing services to allow clients to send stablecoins between accounts or to convert them to dollars to make instant payments, and is talking to clients about the use cases, Chatterjee added. Once wary of allowing traditional financial firms to expand into the often-volatile crypto sector, banking and securities regulators under U.S. President Donald Trump's crypto-friendly administration are taking a more relaxed stance on the sector. Still, Citi and other firms would have to comply with current regulations, including money laundering and currency controls in some countries for international transfers. Chatterjee said the custody of crypto assets needs to ensure these assets, prior to being acquired, were used for legitimate purposes, and also strengthen cyber and operational security for safekeeping and theft prevention. The issuance of a stablecoin by the bank is also under consideration, Chatterjee added. Sign in to access your portfolio
