Exclusive: Russia expects to recover far less from 'bad bank' assets – sources

Russia will dramatically cut its estimate of the sum it expects to recover from a “bad bank” set up after the collapse of three major lenders, according to three sources familiar with new calculations being prepared for the central bank. The central bank has spent over $40 billion bailing out Otkritie, B&N and Promsvyazbank since 2017. It had hoped to recover between 40 and 60 percent of the value of their 2 trillion rubles ($30.45 billion) assets that were transferred to Trust Bank, the bad bank, in the rescue deal.

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Exclusive: Russia expects to recover far less from 'bad bank' assets – sources

General Motors’ Finance Arm Joins Blockchain Data Security Initiative

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General Motors’ Finance Arm Joins Blockchain Data Security Initiative

Iron Ore Futures Tumble in Singapore as Vale-Driven Rally Frays

Benchmark futures in Singapore plunged as much as 7 percent to $82 a ton, albeit in thin overnight action, before trading 4.7 percent lower at $84 by 3:04 p.m. The fall comes after prices broke above $90 last week, capping a 20 percent-plus surge over the past fortnight. On the Dalian Commodity Exchange, iron ore futures fell 2.8 percent, after closing limit-up Monday to their highest since March 2017 as Chinese traders played catch-up following the Lunar New Year break. “If there are no more additional closures or planned closures in Brazil, then there may be some kind of price correction,� Richard Lu, analyst at CRU Group in Beijing, said by phone.

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Iron Ore Futures Tumble in Singapore as Vale-Driven Rally Frays

Debenhams Gets Breathing Room With 40 Million-Pound Credit Deal

The company also announced an agreement with export and logistics company Li & Fung Ltd. on a sourcing partnership for Debenhams own-brand products. The deal “will help us anticipate and respond more quickly to trends and our customers’ preferences, as well as delivering better quality product,� Chief Executive Officer Sergio Bucher said in a statement Tuesday. Debenhams, laden with debt, has been caught up in the sweeping decline of the U.K.’s traditional downtown retailers.

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Debenhams Gets Breathing Room With 40 Million-Pound Credit Deal