Credit Agricole Profit Rises on Low Provisions, Strong Trading

Desy Papper

Credit Agricole SA’s profits jumped in the first quarter, as the bank joined European peers in posting a strong trading performance and lower-than-anticipated charges to cover potential loan losses.

Net income rose 64% from a year ago to 1.05 billion euros ($1.27 billion), after Credit Agricole provided 384 million euros against the possibility of souring loans, below the 564.5 million euros estimated by analysts polled by Bloomberg.

The Paris-based lender’s capital markets and investment banking revenue rose 17% to 708 million euros, beating the highest analyst estimate. Credit Agricole’s asset gathering unit, which houses its asset and wealth management operations

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Texas freeze delivers billions in profits to gas and power sellers

Desy Papper

Natural gas suppliers, pipeline companies and banks that trade commodities have emerged as the biggest market winners from February’s U.S. winter blast that roiled gas and power markets, according to more than two dozen interviews and quarterly earnings reports.

The deep freeze caught Texas’s utilities off-guard, killed more than 100 people and left 4.5 million without power. Demand for heat pushed wholesale power costs to 400 times the usual amount and propelled natural gas prices to record highs, forcing utilities and consumers to pay exorbitant bills.

After the storm, few companies wanted to talk about their financial gains, unwilling to

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U.S. SEC chair tells Congress he plans new rules on climate risk, trading

Desy Papper

File photo: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst

The new chair of the U.S. securities regulator told lawmakers on Thursday the agency was considering new trading rules to address issues raised by this year’s GameStop Corp (GME.N) trading saga and the meltdown of private fund Archegos Capital.

Gary Gensler also told the House of Representatives Financial Services Committee, just three weeks after being sworn in as Securities and Exchange Commission (SEC) chair, that he expected to propose new rules on corporate climate risk

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Gensource Announces Intention to Apply for Admission to Trading on the LSE’s AIM Market

Desy Papper

SASKATOON, Saskatchewan–(BUSINESS WIRE)–Gensource Potash Corporation (“Gensource” or the “Company“) (TSX.V: GSP) a fertilizer development company focused on a sustainable and modular approach to potash production, is pleased to announce its intention to apply for the admission to trading of the Company’s common shares on the London Stock Exchange’s AIM market (“AIM”). The Company is seeking admission to AIM in order to enhance its access to UK and European institutional investors. Gensource has received significant interest given its business relationship with off-take partner Helm AG, lead debt arrangers KfW IPEX-Bank and Societe Generale S.A. and

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Here Are the Top Finance Stories of the Day for May 6

Desy Papper

Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:

  • Bank of America just nabbed two senior equity volatility traders from rival banks as the war on talent heats up. 
  • A star manager has left $44 billion hedge fund Viking Global. 
  • RBC Capital Markets and Guggenheim Securities were the latest firms to offer up special pay bumps to junior bankers.

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