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MOSCOW Credit Suisse is to move its Moscow investment banking advisory operation to London as part of a cost-cutting drive, a source familiar with the matter said, as a dearth of deals pushes foreign bankers away from the Russian capital. The news on Wednesday marks a significant, but not complete retreat from a market which Credit Suisse entered in the chaos that followed the break-up of the Soviet Union and did not abandon despite the hit it took in Russia’s 1998 financial crash. The Zurich-based bank will also move its Moscow-based debt and equity capital markets business to London, venue [...]

MOSCOW Credit Suisse will close its Moscow investment banking operation as part of a cost-cutting drive, a source familiar with the matter said, as a dearth of deals pushes foreign bankers away from the Russian capital. The news on Wednesday marks a significant, but not complete, retreat from a market that Credit Suisse entered in the chaos that followed the breakup of the Soviet Union, and did not abandon despite the hit it took in Russia’s 1998 financial crash. The Zurich-based bank will move its debt and equity capital markets, and corporate advisory businesses to London, venue of major recent [...]

Dear Tax Talk, We purchased a residential block of land as an investment about three years ago. The investment did not do so well. After paying interest, taxes, etc., we will be selling the land at a loss — considerably less than the purchase price. My question is: Can we declare this investment loss on our next tax return? We are both full-time workers.  — Barry Dear Barry, Generally, a loss incurred on a transaction entered into for profit is tax-deductible. I’m not sure what exactly you bought, but the Internal Revenue Service would ask you to show your investment [...]

PARIS The French government struck a deal with ArcelorMittal on Friday which will see the steelmaker invest 180 million euros ($ 234 million) in its Florange steelworks, allowing some 600 jobs at two shuttered blast furnaces to be saved. Prime Minister Jean-Marc Ayrault said the two furnaces would not be restarted for now, given weak European steel demand, but ArcelorMittal would keep them in working order for future use in a test project for environmentally friendly steel production. The deal saves face for Socialist President Francois Hollande, allowing him to fulfill an election pledge to fight industrial layoffs while avoiding [...]

LONDON Barclays could ax as many as 3,500 investment bank staff and cut its advisory or equities operations in Asia as part of a broader strategic review aimed at fixing the bank’s culture in the wake of the financial crisis. The future shape and size of the investment bank is seen as the most critical part of Chief Executive Antony Jenkins’ review, as it contributes more than half of group profits but conducts the “casino” activities politicians and regulators are cracking down on. The British bank was fined $ 450 million in June for rigging Libor interest rates, which forced [...]

When it comes to choosing mutual funds to build your 401(k) or retirement portfolio, there’s more to the decision-making process than the stocks that make up the investment. Funds’ fees can also have a serious impact on your total return. “If you have a 401(k) with 2% fees or higher, over the course of 40 years of your working life you can easily end up with half of your retirement earnings going to fees,” says Bill Harris, founder of online wealth management company Personal Capital. “People think it’s just 2% but to make up what you’re paying in fees means [...]

Separating the global investment bank might help Credit Suisse to protect its core private client base in Switzerland from any resurgence at UBSCredit Suisse did not announce any big job cuts on Tuesday morningThe bank had already said it would deepen its cost cutting, adding SFr1bn in October to a savings targetSeparating the global investment bank might help Credit Suisse to protect its core private client base in Switzerland(Financial Times) — Credit Suisse will split off its investment bank outside Switzerland from its global private bank, wealth management and Swiss investment banking business to meet what it called “the new [...]

ZURICH UBS unveiled new leadership for its investment bank on Monday, following the announcement last week that the Swiss bank will wind down its fixed income business that include cuts of 15 percent of overall staff. New investment bank unit head Andrea Orcel named the high-profile bankers who will report to him including Rajeev Misra, who will move from being fixed-income head to become head of financing solutions, according to a memo seen by Reuters. Current investment banking department co-head Simon Warshaw will focus on initiatives to develop UBS’s corporate client solutions business in Europe, the Middle East, and Africa. (Reporting By Katharina Bart)

Demand for U.S. factory goods rose in September by the most in over a year, although a gauge of business investment plans pointed to lackluster momentum in the economic recovery despite a slight upward revision. New orders for manufactured goods climbed 4.8 percent, the Commerce Department said on Friday. That was just higher than analysts’ expectations and the biggest gain since March 2011. The increase was driven by a sharp gain in volatile aircraft orders that was telegraphed in last week’s report on orders for long-lasting manufactured goods. Excluding transportation, orders rose 1.4 percent in September. Manufacturing has been a [...]

Business investment showed signs of stalling in September, an indication that worries over a possible sharp tightening in the federal budget are already weighing on the economy. Other data on Thursday showed the number of Americans filing new claims for unemployment benefits fell last week, a fresh sign the labor market is slowly healing. New orders for capital goods outside of defense and excluding aircraft — a proxy for business spending plans — was unchanged last month at $ 60.3 billion, Commerce Department data showed. Analysts polled by Reuters had expected a modest gain. The reading highlighted concerns that companies [...]