NowMyNews

The chief executive of Societe Generale's ( id="symbol_SOGN.PA_0"> SOGN.PA ) Russian unit was detained on Wednesday on suspicion of taking bribes, dealing a blow to one of the few foreign banks that has dared to challenge Russia's dominant state banks. The investigation into Rosbank Chief Executive Vladimir Golubkov in Moscow follows promises by President Vladimir Putin to crack down on corruption in business and public life as well as to defend national economic interests. It could also alarm international companies in Russia that are wary of the weak rule of law and the state's ability to step in against businesses or individuals that fall out of favor. Despite announcing cost cuts when it published results last week, the French bank reaffirmed its commitment to Russia, a market it entered at high cost in the past decade that has been abandoned by some Western banks. Those growth plans could now be at risk after Golubkov's detention on suspicion o

HSBC ( id="symbol_HSBA.L_0"> HSBA.L ) will redouble cost-cutting efforts, including axing up to 14,000 more jobs, but Europe's largest bank was forced to soften a key performance target in the face of muted revenue. London-headquartered HSBC ( id="symbol_0005.HK_1"> 0005.HK ) is seeking up to $3 billion in additional annual savings by 2016, on top of $4 billion already achieved, but sluggish growth outside Asia, particularly in Europe, means its target to get costs below 52 percent of revenue has been eased. The new goal is to keep the ratio near 55 percent, the level it was at in 2010 - the year before Chief Executive Stuart Gulliver took over and kickstarted a radical retrenchment at a bank that was criticized in the past for "planting flags" around the world. "We're clearly hitting on the costs, but we're missing on the cost efficiency ratio because of revenue, which is hard for us to control," Gulliver told reporters.

After years of urging its financial advisers to sell more life insurance, UBS Wealth Management Americas is bringing in full-time experts and offering financial incentives to prod its tradition-bound sales force outside its comfort zone. Most advisers are more comfortable dealing with stocks and bonds than life insurance products, and they resist the notion of delivering their clients to the insurance specialists at third-party firms that work with most brokerages, consultants say. But UBS and other big U.S. firms want to expand sales of insurance as well as mortgages and other bank loans because the products can lock in client loyalty and generate fees that are often higher than in conventional investor advisory programs. "They are trying to gently push advisers into a more holistic planning-style relationship," said Bing Waldert, a director at Cerulli Associates, which specializes in wealth management. Financial plans often include insurance components. To push the

Private equity funds have struggled to offload investments made before the financial crisis and are taking longer to pay out to investors, research showed on Wednesday. _0"> Data from research firm Prequin showed that companies sold by funds in 2012 were held for an average of 5 years, compared to an average holding period of 3.9 years for companies sold in 2008. "Fund managers are still struggling to sell investments for a sufficient profit that were purchased at peak prices during the buyout boom, and consequently are holding portfolio companies for longer," said Ignatius Fogarty, Head of Private Equity Products at Prequin. Just 33 percent of the capital investors chipped into deals made in 2007 has been returned in the last six years, compared to a 95 percent pay back rate in the six years after 2001. (Reporting by Clare Hutchison; Editing by Louise Heavens)

A major U.S. retail trade group on Wednesday spoke out against a Bangladesh fire and building safety accord agreed to by mostly European companies, saying that signing on would expose American companies to a legally questionable binding arbitration provision. _0"> "While the proposal put forth by the labor unions addresses a number of shared concerns, the accord veers away from commonsense solutions and seeks to advance a narrow agenda driven by special interests," Matthew Shay, chief executive of the National Retail Federation, said in a statement. Wednesday is the deadline for retailers to decide whether to join the consortium, led by labor groups such as Europe's IndustriALL, which said at least 24 garment and retail brands sourcing from Bangladesh had signed up so far. The world's two biggest fashion retailers, Spain's Inditex ( id="symbol_ITX.MC_0"> ITX.MC ), owner of the Zara clothing chain, and Stockholm-based H&M ( id="sy

Southwest Airlines Co ( id="symbol_LUV.N_0"> LUV.N ) on Wednesday announced a boost in its dividend and its share repurchase program and said it is changing some plane orders and deliveries. _0"> The discounter said its board boosted the quarterly dividend to 4 cents a share from 1 cent a share, to begin with the payment on June 26 to shareholders of record on June 5. The company said its share buyback authorization was increased to $1.5 billion from $1 billion. Southwest also said it plans to buy 10 pre-owned 737-700s airplanes to be delivered in 2014 and 2015, and it made changes to some existing aircraft orders. The carrier said it would be the first customer to take the 7 series of Boeing's ( id="symbol_BA.N_1"> BA.N ) upcoming 737 MAX plane in 2019. Southwest has an all-Boeing fleet. (Reporting by Karen Jacobs; Editing by Gerald E. McCormick)

The Portuguese government and JP Morgan Chase & Co ( id="symbol_JPM.N_0"> JPM.N ) are attempting to resolve a tussle over potentially costly derivative contracts sold by the U.S. investment bank to state-owned companies. _0"> One source familiar with the situation, who spoke on condition of anonymity, said talks had begun after both sides threatened legal action over a series of complex hedging products described as "toxic" by Lisbon. No further information was immediately available. The row between JP Morgan and Lisbon, which is trying to stem potential losses of up to 3.0 billion euros ($4.0 billion)from complex hedging products sold to companies such as the Lisbon and Porto Metro, echoes similar battles in countries such as Italy as bank clients say they were missold products. JPMorgan launched a London lawsuit as a "protective measure" after Portugal's cash-strapped government vowed on April 26 to challenge in court swap cont