Modi’s Banker, Uber’s Lyft Limit, Trump’s Pivot: Saturday Wrap

  • BofA equity capital markets chief is said to leave for Lazard
  • Pacific E&P creditors said to get bigger stake under new bid

Here are highlights of Saturday’s top breaking news stories from around the world:

Leadership of India’s central bank will pass to Deputy Governor Urjit Patel, Prime Minister Narendra Modi’s choice to succeed Raghuram Rajan. Where Rajan blazed a trail as a financial rock star, Patel has shunned the spotlight. Rajan steps down on Sept. 4.

Urjit Patel

Photographer: Abhijit Bhatlekar/Mint via Getty Images

Uber Technologies is among the prospective suitors that have kicked the tires at competing ride-hailing operator Lyft, and has told investors that it wouldn’t pay more than $2 billion, according to people familiar with the matter. No formal offer was made, according to the people.

Donald Trump, whose criticisms of immigrants have been a staple of his presidential campaign, pivoted away from that line of argument and met in New York with a newly formed Hispanic advisory board.

Mary Ann Deignan, co-head of global equity capital markets at Bank of America, is leaving to join Lazard, people familiar with the matter said. She will be part of Lazard’s corporate preparedness division.

The 11th-hour bid for struggling Colombia-based oil producer Pacific Exploration & Production would hand creditors a bigger stake in a restructured company, according to people who back the offer. The latest proposal comes from a group that includes Mexican investor Fernando Chico Pardo.

Welspun India, the Indian textile maker cut off by Target over complaints about phony cotton sheets, said it planned to appoint an external auditor to investigate. Target says it discovered some 750,000 Welspun sheets and pillowcases had been mislabeled as Egyptian cotton, a variety seen as higher quality -- and often costlier -- than other versions of the fabric.

Even after Brazil’s government and local officials stepped in to offer a bailout, International Olympic Committee President Thomas Bach said no public funds had been used. The question is highly sensitive in Brazil, which is mired in its worst recession in decades.

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