By Reuters Staff
(Updates with background on fine, report of interest from Bank of Ireland)
DUBLIN, March 11 (Reuters) - Ireland’s Davy Stockbrokers, which is grappling with the fallout from a record central bank fine, has decided to put itself up for sale, the firm said on Thursday.
Ireland’s largest stockbroker, Davy was fined last week after an inquiry into 16 of its staff who the regulator alleged sought to profit in 2014 by taking the opposite side of a bond deal with a client, without telling the client or compliance officials.
Davy closed its bond desk on Monday after it was dropped as a primary dealer in Irish government bonds and the central bank said on Tuesday it remained under close regulatory scrutiny following the 4.1 million euros ($4.9 million) fine.
4 Min Read
(Reuters) - Texas lawmakers on Thursday found themselves on the horns of a power market dilemma: expect lawsuits from utilities and traders if they retroactively cut cold-snap electricity prices, or “cascading bankruptcies” if they do not.
FILE PHOTO: An electrical substation is seen after winter weather caused electricity blackouts in Houston, Texas, U.S. February 20, 2021. REUTERS/Go Nakamura
The state’s grid operator sharply hiked power prices during a February freeze, pushing two power companies into bankruptcy and prompting others to default on bills. Officials this week called for regulator Public Utility Commission (PUC) of Texas to immediately reduce about $16 billion in power prices.
South Africa's current account surplus narrowed to 3.7% of gross domestic product in the last quarter of 2020 from 5.9% in the prior quarter as the trade surplus fell and there was a larger shortfall on the income account, central bank data showed on Thursday.
The Spanish government's direct aid to small and medium-sized companies, to be approved by the cabinet on Friday, will likely total 7 billion euros ($8.4 billion), up from a previously-proposed 5 billion, a government source told Reuters.
A gauge of global stock markets climbed for a third straight session on Thursday to hit its highest level in two weeks, as a dip in government bond yields helped curb inflation concerns and give a boost to equities.