Latest news with #Citi
Bloomberg
an hour ago
- Business
- Bloomberg
Bloomberg Surveillance: Global Equities
Watch Tom and Paul LIVE every day on YouTube: Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney July 24th, 2025 Featuring: 1) Stuart Kaiser, Head: US Equity Trading Strategy at Citi, joins for an extended discussion about the equity rally and fundamentals driving markets higher. Global equities continued their rally as bulls drew fresh conviction from signs the US may strike more trade deals soon after clinching a pact with Japan. 2) Brian Belski, Chief Investment Strategist at BMO Capital Markets, brings us into the market open and talks about why he's remained bullish amid so much policy uncertainty. A gauge of the world's stocks hit a new record high, and Europe's Stoxx 600 index advanced after a clutch of strong earnings and reports the US is closing in on an agreement with the European Union. 3) Michael Feroli, Chief U.S. Economist at JPMorgan, talks about the labor market, inflation, and Fed independence. President Trump will visit the Federal Reserve to tour a construction site he has criticized for cost overruns. Trump has been attacking Fed Chair Jerome Powell for not cutting rates and has criticized the Fed's $2.5 billion renovation project. 4) Natasha Sarin, President and co-founder at Yale Budget Lab, talks about their most recent findings from the YBL on the state of US tariffs. President Trump suggested that he would not go below 15% as he sets reciprocal tariff rates ahead of an Aug. 1 deadline. The president has left the door open for countries to make agreements that could lower the tariff rates, and some countries are aiming to bring down their tariff rates to the 15% level. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ report on NBCUniversal reportedly discussing launching a sports cable network and USA Today's report on how hotter summers have travelers ditching the beach for "coolcations."
Reuters
an hour ago
- Business
- Reuters
Trafigura letter to Prateek Gupta's company warned about nickel cargoes, court document says
LONDON, July 24 (Reuters) - A letter sent by Trafigura to Prateek Gupta's company warning it not to raise suspicions at financing bank Citi about nickel cargoes provides evidence that the commodity trader was aware of fraud, Gupta alleged in a court document. This is the latest twist in a long-running case in which Geneva-based Trafigura filed a lawsuit against Indian businessman Gupta in February 2023, alleging it had been the victim of a $600-million fraud involving nickel cargoes. Gupta has previously said in his defence that Trafigura staff devised the scheme at the centre of the case. The new letter appeared in an amended defence document, filed last week and released by the court, in which Gupta's lawyers sought to add weight to his case. Trafigura, a major industrial metals and oil trader, has consistently denied that its employees knew about the alleged fraud in which low-value materials such as scrap were substituted for high-grade nickel. Trafigura declined to comment on Thursday. Geneva-based Trafigura booked an impairment charge in 2023 of $590 million for losses it suffered in connection with the case, which is due to go to trial in November. Citi (C.N), opens new tab provided as much as $850 million for a complex "transit financing" operation in which cargoes of nickel would be purchased from Gupta by Trafigura, repurchased by Citi and eventually resold to Gupta's firms, the document says. The new defence document alleges that Trafigura's and Gupta's staff worked together to lengthen voyage times to extend the period of credit offered by Citi and lessen the possibility of inspections at port warehouses that would reveal the cargoes true contents. Citi declined to comment. The letter, dated January 2022, cited in the defence document, from a Trafigura employee based in Mumbai to a Gupta employee, allegedly warned that banks would not find it logical to see a transit time of 95 days for a voyage from Taiwan to mainland China that would usually take a couple of days. "Luckily Citi accepted this one, with little suspicion, but we might not get as lucky in the future," the letter said. In December 2023, Gupta failed in his attempt to get a London court to lift a global freezing order on his personal and business assets. Gupta's lawyers alleged Trafigura did not disclose important information, an argument a judge rejected. Currently, the two sides are going through a disclosure process for further documents and witness statements ahead of trial.
Globe and Mail
an hour ago
- Business
- Globe and Mail
Citi Appointed as Depositary Bank for Youlife Group Inc.'s ADR Program
Citi Issuer Services, acting through Citibank, N.A., has been appointed by Youlife Group Inc. (Youlife) as depositary bank for its American Depositary Receipt (ADR) program. The appointment follows after Youlife International Holdings Inc., a blue-collar lifetime service provider in China, and Distoken Acquisition Corporation, a special purpose acquisition company, completed their business combination on July 9, 2025. The American Depositary Shares (ADS) of the combined entity, Youlife, commenced trading on the Nasdaq Stock Exchange under the ticker 'YOUL' on July 10, 2025. Each ADS represents one (1) Class A ordinary share of Youlife. Commenting on the appointment, Dirk Jones, Global Head of Citi Issuer Services, said: 'We are committed to supporting clients like Youlife as they access global markets and expand their investor base through our Issuer Services platform. Backed by Citi's extensive global network and deep capital markets expertise, we continue to provide issuers with high quality ADR services to support their growth and success.' Citi is a leading provider of depositary receipt services. With depositary receipt programs in over 65 markets, spanning equity and fixed-income products, Issuer Services leverages Citi's global network to provide cross-border capital market access to issuers, intermediaries and investors. For more information on Citi's Depositary Receipt Services, visit About Citi Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
National Post
an hour ago
- Business
- National Post
Citi Appointed as Depositary Bank for Youlife Group Inc.'s ADR Program
Article content Article content NEW YORK — Citi Issuer Services, acting through Citibank, N.A., has been appointed by Youlife Group Inc. (Youlife) as depositary bank for its American Depositary Receipt (ADR) program. Article content Article content The appointment follows after Youlife International Holdings Inc., a blue-collar lifetime service provider in China, and Distoken Acquisition Corporation, a special purpose acquisition company, completed their business combination on July 9, 2025. Article content The American Depositary Shares (ADS) of the combined entity, Youlife, commenced trading on the Nasdaq Stock Exchange under the ticker 'YOUL' on July 10, 2025. Each ADS represents one (1) Class A ordinary share of Youlife. Article content Commenting on the appointment, Dirk Jones, Global Head of Citi Issuer Services, said: 'We are committed to supporting clients like Youlife as they access global markets and expand their investor base through our Issuer Services platform. Backed by Citi's extensive global network and deep capital markets expertise, we continue to provide issuers with high quality ADR services to support their growth and success.' Article content Citi is a leading provider of depositary receipt services. With depositary receipt programs in over 65 markets, spanning equity and fixed-income products, Issuer Services leverages Citi's global network to provide cross-border capital market access to issuers, intermediaries and investors. Article content About Citi Article content Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. Article content Article content Article content Contacts Article content Media Contacts: Article content Article content Harsha Jethnani Article content Article content
CNBC
an hour ago
- Business
- CNBC
GE Vernova poised for more upside after shares blow past Wall Street targets, analysts say
Wall Street analysts scrambled to keep up with GE Vernova this week, dramatically hiking their stock price targets after the power company's shares blew past expectations on a strong second quarter. Its shares rallied more than 14% on Wednesday to close at an all-time high, after raising its full-year guidance as robust power demand blunts the impact of President Donald Trump's tariffs. Its stock nearly doubled this year to book the second-best performance in the S & P 500. "Given what we viewed as elevated expectations ahead of GEV's 2Q25 earnings, we are somewhat surprised in the strength of GEV shares' outperformance," Citi analyst Andrew Kaplowitz told clients in a note published Wednesday. But rather than dismissing the rally as exuberance, Citi hiked its stock price target by $126 and now sees GE Vernova shares hitting $670, suggesting a modest upside of more than 6% over Wednesday's close. The company has the potential to sustain a much higher share price than Citi expected because it is a "prime beneficiary of growing global power demand," Kaplowitz said. Its gas turbines are in high demand from AI data center developers with its order backlog continuing to grow. Equipment orders jumped more than 135% "which gives more confidence in the 'stronger for longer' narrative in the global gas market," Wolfe Research analyst Nigel Coe told clients Wednesday. GE Vernova is also a leader in the development of small modular nuclear reactors , an emerging technology that could play a major role in the company's future. It is the first Western company to break ground on a commercial SMR with construction underway in Ontario. Its offshore wind power segment still faces challenges but appears "relatively contained and, for now, mainly overlooked given positive momentum elsewhere in the portfolio," Kaplowitz said. Bank of America was also bullish, bumping its price by $105 to set a target of $725 per share, implying 15% upside from Wednesday's close. Data centers placed $500 million of orders for the company's electric equipment in the first half of 2025, compared to $600 million in all of 2025, the bank noted. "We argue that a premium multiple is warranted given above-peer earnings growth and margin trajectory," BofA analyst Andrew Obin told clients in a Wednesday note. Wells Fargo, meanwhile, raised its price by a whopping $224 to a target of $674 per share, indicating upside 7% upside from Wednesday's close. This reflects favorable long-term tailwinds for GE Vernova and higher prices for its turbines and electric equipment supporting greater revenue, analyst Michael Blum told clients in a Thursday note. Wolfe Research, however, did sound a note of caution amid all the bullish sentiment on Wall Street: "There's a lot to like, but a lot is priced in," Coe said.
