Goldman Sachs combines Asia investment banking units, names Drayton APAC head
Iain Drayton, currently head of investment banking, Asia excluding Japan, at Goldman Sachs, will lead the integrated Asia Pacific investment banking business, the internal memo said. A bank spokesperson confirmed the memo's content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
India wants US ties based on mutual respect, says its arms purchases are on course
NEW DELHI, Aug 14 (Reuters) - India said on Thursday that it hoped relations with the United States would move forward based on mutual respect and shared interests, seeking to temper worries that ties were headed downhill in the aftermath of high tariffs imposed by Washington. A U.S. defence policy team will be in New Delhi this month for talks with Indian officials and its arms purchases from the U.S. are on course despite the strain in ties, the Indian foreign ministry said. A new friendship built between the two countries has hit a rough patch after President Donald Trump raised tariffs on Indian goods to 50% last week from an earlier 25% saying it was a penalty for India's continued imports of Russian oil. New Delhi has accused the U.S. of double standards in singling it out for Russian oil imports and called the tariffs unfair, unjustified and unreasonable. At the same time, it has also indicated that the warming of ties that began at the turn of the century covers a wide range of areas and should not be seen only through the prism of trade, although it hopes that trade talks will continue and result in a deal. "This partnership has weathered several transitions and we hope that the relationship will continue to move forward based on mutual respect and shared interests," Indian foreign ministry spokesperson Randhir Jaiswal told a regular media briefing. Purchases of military equipment from Washington were on course, Jaiswal said, adding that a U.S. defence policy team was expected in Delhi this month. Reuters reported last week that India has put on hold its plans to procure new U.S. weapons and aircraft and that a planned trip to Washington by the Indian defence minister had been cancelled. The Indian government subsequently said reports of a pause in the talks were wrong.
The Independent
an hour ago
- The Independent
The EU urges China to lift 'unjustified' sanctions on Lithuanian banks
The European Union on Thursday called on China to revoke sanctions imposed on two Lithuanian banks, arguing there is no justification for them. Beijing announced the measures this week against Urbo Bank and Mano Bank in retaliation for EU penalties on two Chinese lenders. The Lithuanian banks do not operate in China, giving Beijing's move a largely symbolic character. Nonetheless, the tit-for-tat measures underscore deepening tensions between the EU and China over Beijing's support for Russia in its war on Ukraine. In this case, China targeted banks from an EU member with whom diplomatic ties have been particularly strained due to Lithuania's relationship with Taiwan. At EU headquarters in Brussels, European Commission spokesperson Olof Gill defended the bloc's sanctions on Chinese banks. China 'must respect the problems we have identified,' Gill said. 'Our sanctions are the centerpiece of our efforts to minimize the effectiveness of the Russian war machine.' He said the Commission does not believe that the Chinese countermeasures 'have any justification or are evidence based, and therefore we call on China to remove them even now.' The EU's latest Russia sanctions package, adopted in July and effective August 9, included Heihe Rural Commercial Bank and Heilongjiang Suifenhe Rural Commercial Bank. The bloc accused them of providing crypto-asset services that help Moscow evade restrictions. In explaining its sanctions on the Lithuanian banks, the Chinese Ministry said the EU sanctions on Chinese firms had "a serious negative impact on China-EU economic and trade relations and financial cooperation.' The banks and the government in Lithuania said the sanctions were not expected but would likely have little practical impact. 'According to the preliminary assessment, this decision will not have a significant impact on either the country's financial system or the activities of the banks themselves, since the business models of the mentioned banks are focused on the local market,' the Bank of Lithuania said on Wednesday in a statement. Marius Arlauskas, the head of administration of Urbo Bank, said: 'Since we do not have any business partnerships with Chinese individuals or legal entities, the sanctions will have no impact on the activities of Urbo Bank and the implementation of prudential regulations." The Baltic nation has drawn China's ire for years. Beijing expelled Lithuania's ambassador in 2021 in response to Lithuania allowing Taiwan to open a liaison office in Vilnius, the Lithuanian capital. China regards Taiwan as a breakaway province and prohibits other countries from having formal ties with Taipei. Taiwan has long sought closer relations with the Baltic states, citing their past experiences under authoritarian rule and embrace of multiparty democracy and liberal values. In 2024 Lithuania expelled Chinese diplomats after a Chinese ship came under suspicion during an investigation into the severing of two undersea data cables. One runs under the Baltic Sea between Lithuania and Sweden. McNeil reported from Brussels.
Reuters
an hour ago
- Reuters
India's Vodafone Idea posts smaller-than-expected loss, names new CEO
Aug 14 (Reuters) - India's Vodafone Idea ( opens new tab on Thursday named insider Abhijith Kishore as CEO and reported a smaller-than-expected first-quarter loss as the telecom operator continued to benefit from the previous year's price hikes. Kishore, currently chief operating officer, will replace CEO Akshaya Moondra when his term ends on August 18, the company said in an exchange filing. The debt-saddled telecom operator's consolidated loss after tax widened to 66.08 billion rupees ($754.49 million) in the quarter ended June 30, from a loss of 64.32 billion rupees a year earlier. Analysts, on average, were expecting a loss of 70 billion rupees, according to data compiled by LSEG. Vodafone Idea's average revenue per user (ARPU) - a key metric for the telecom sector - rose 15% year-on-year to 177 rupees. However, the number remained well below peer Bharti Airtel's ( opens new tab 250 rupees and Reliance Industries-owned Jio's ( opens new tab 208.8 rupees. The three companies had raised mobile plan rates in July 2024 for the first time in more than two years, as their focus shifts to monetisation from fierce competition for market share. Both Airtel and Jio had also posted upbeat quarterly results thanks to the hikes. Vodafone Idea, 49% owned by the Indian government, was formed in 2018 by a merger between the Indian arm of UK-based Vodafone Group (VOD.L), opens new tab and Aditya Birla Group's Idea Cellular. It has posted a loss every quarter since then as the company continues to cede market share to larger rivals Airtel and Jio, weighed by more than $22 billion in debt and struggling to expand 4G and 5G networks at the pace of its competitors. The wireless carrier's user base fell 5.9% year-on-year to 197.7 million as of June-end, trailing behind both Jio and Airtel. Its overall revenue rose about 4.9% to 110.23 billion rupees, missing analysts' estimates of 111.39 billion rupees. ($1 = 87.5820 Indian rupees)
