LONDON — Commodity trading giant Trafigura is going through a once-in-a-generation ownership reshuffle, spending billions of dollars to buy out its earliest shareholders and allocating stock to a new generation of would-be billionaire traders.
A Reuters analysis of accounts for Swiss-based Trafigura shows it has spent around $2 billion on share buybacks over the past three years, and the unlisted company says it could spend another $1.5 billion until 2017 if profits allow.
NEW YORK — Loans to businesses have risen to a record high and bank executives say they are increasingly optimistic about the U.S. economy.
Increasing demand for bank loans often is a prelude to higher economic growth. With the U.S. government budget crisis fixed for now and Europe showing signs of economic recovery, companies feel more comfortable borrowing to invest in machinery, factories, and buildings.
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WASHINGTON — Producer prices rose for a second straight month in January, pushed up by an increase in the cost of goods, but there was little sign of a broad pick-up in inflation pressures at the factory gate.
The Labor Department said on Wednesday its seasonally adjusted producer price index for final demand increased 0.2 percent last month, the largest increase since October.
BOSTON — Mohamed El-Erian, long seen as the heir apparent at the world’s biggest bond fund manager, is stepping down from his roles at Pacific Investment Management Company.
Pimco’s parent, German insurer Allianz, (ALVG.DE) said on Tuesday that El-Erian would resign as the asset manager’s chief executive officer and co-chief investment officer.