Hong Kong stock exchange boss questions ‘one country, two systems’ October 30, 2019 Charles Li, head of the Hong Kong stock exchange (HKEX), has publicly questioned the “one country, two systems” framework governing the territory’s relationship with mainland China. In a speech in London last night, Li said the model had “fundamental flaws” in how it was implemented from the outset, the Financial Times reported. Read more: Carrie [...]
Credit Suisse profit doubles amid rise in wealth management business October 30, 2019 Profits at Credit Suisse more than doubled during the last three months following a robust performance in its flagship wealth management arm. The Swiss lender reported net profits of SFr751m for the third quarter, jumping 108 per cent when compared with the same period in the previous year. Read more: Deutsche Bank posts losses amid [...]
Next sales beat guidance, but store performance worries investors October 30, 2019 Next sales beat guidance in the retailer’s third quarter with a two per cent rise, it revealed today. However, retail sales dropped 6.3 per cent in the three months to the end of October, saved by a 9.7 per cent increase in online revenue. Read more: Next defies retail gloom with rise in profits Warm [...]
Whatsapp takes Israeli firm to court over cyber attack October 30, 2019 Whatsapp is suing Israel’s NSO Group, saying that the firm was behind cyber-attacks that infected devices with malware. The Facebook-owned messaging service accused the company of sending malicious software to around 1,400 mobile phones for spying purposes. Read more: NSO deny spyware is capable of obtaining individual’s data from cloud Journalists, human rights activists, political [...]
Deutsche Bank losses hit €832m amid restructuring and revenue slump October 30, 2019 Deutsche Bank posted deepening losses during the last three months as the troubled German lender pressed ahead with a costly turnaround plan. A double-digit drop in revenues and costs from the firm’s major restructuring pushed losses down to €832m (£718m) over the quarter, compared with profit of €229m in the same period last year. Read [...]
Fiat Chrysler and PSA enter merger talks to form $50bn car maker October 30, 2019 Car manufacturer Fiat Chrysler has confirmed “ongoing discussions” are taking place with Peugeot and Vauxhall owner PSA over a potential merger. The tie-up could create a $50bn (£40bn) company if the automotive behemoths pull it off. Read more: Fiat Chrysler defies global car industry woes to trump analyst forecasts Fiat Chrysler had abandoned an earlier [...]
Boris Johnson expects a ‘tough election’ October 30, 2019 Boris Johnson has said he is prepared to fight a “tough” election after parliament agreed to a 12 December snap poll yesterday. Opposition parties granted the Prime Minister a general election after voting against previous attempts on several occasions. Read more: It’s on: Christmas election to decide fate of Brexit…maybe The bill, setting out the [...]
Standard Chartered trumps expectations as profit jumps to $1.2bn October 30, 2019 Standard Chartered shrugged off troubles in its embattled Hong Kong market this morning after trumping estimates with a double-digit rise in profit. Adjusted pre-tax profits climbed 16 per cent year-on-year to $1.2bn (£900m) during the last quarter, surging 17 per cent ahead of the City’s consensus forecasts. A sharp rise in business from corporate clients [...]
UK charges drag down profit at Santander October 30, 2019 Santander’s net profit slumped during the third-quarter as one-off charges in the UK blighted Europe’s biggest lender. The Spanish bank reported attributable profit of €501m (£432m) in the last three months, diving 75 per cent when compared to the same quarter a year ago. Read more: UK banking sector coughs up £40bn in tax Brexit [...]
City Moves for 30 October – Who’s switching jobs at Planet Smart City, Newton and Vectura October 30, 2019 Today’s City Moves includes Planet Smart City, Newton and Vectura Planet Smart City Affordable housing specialist Planet Smart City has appointed Cristiano Radaelli as its chief innovation officer. Radaelli will also take over as chief executive of Planet Idea, the firm’s global competence centre based in Italy. In the role he will work on developing [...]