HSBC Net Profit Plunged as Pandemic Continued to Bite
HSBC said its third-quarter net profit plummeted, mainly as revenue dropped on a low interest-rate environment during the Covid-19 pandemic, though it recorded significantly lower credit losses in the period.
Ant to Raise More Than $34 Billion in Record IPO
The Chinese financial-technology giant will list its shares in what is set to be the world's biggest-ever initial public offering, a deal that bypasses U.S. stock exchanges.
NIH Halts Study Exploring Treating Covid-19 With Lilly Antibody, Remdesivir
Federal health researchers have halted testing a combination of Eli Lilly's Covid-19 antibody drug and remdesivir in hospitalized Covid-19 patients, after an independent committee found a lack of a benefit.
Sheldon Adelson's Las Vegas Sands Considers Sale of Casinos in Namesake City
The sale price for its Venetian and Palazzo casinos and Sands Expo and Convention Center could be more than $6 billion, according to a person familiar with the deliberations.
Blackstone Raises $8 Billion for Second Long-Life Fund
Blackstone collected the pool during the early days of the coronavirus pandemic, which slowed fundraising across the industry. Calpers, however, provided a $1 billion boost to the fund in March.
J.C. Penney Lenders Trade Barbs Over Chapter 11 Split
A lawyer for J.C. Penney's top lenders accused a rival creditor group of "economic terrorism" during a court hearing on the escalating battle between hedge funds seeking bigger shares of the beleaguered department-store chain.
Boral Selling USG Boral Stake, Considering U.S. Divestments
Boral has agreed to sell its 50% stake in building products manufacturer USG Boral to joint-venture partner Gebr Knauf for $1.02 billion, and will consider divesting its North American businesses.
Global Insurer AIG to Divest Life-Insurance Business
Current President Peter Zaffino will run the insurer as CEO starting March 1, while current Chief Executive Brian Duperreault will become executive chairman, the latest moves at a firm that in recent years has faced shareholder activists.
Veritas Capital Closes Maiden Credit Fund
Private-equity firm Veritas Capital closed its maiden credit fund last week, collecting $400 million to invest in companies at the intersection of technology and government, according to people familiar with the matter.
Hospital Merger Seeks to Create Regional Giant in the West
Intermountain Healthcare and Sanford Health would operate 69 hospitals across six states.
(END) Dow Jones Newswires