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 [...]
How Amazon is inspiring the next generation of engineering October 30, 2019 When I was a teenager growing up in the 80s, I can clearly remember the “practical” lessons at school, and the satisfaction of building things – like my first ever circuit to power a lightbulb. These moments undoubtedly shaped my choice to become an engineer. Those “eureka” moments are powerful for any young person. When [...]
London can show the country how to do democracy better October 30, 2019 A General Election is coming, and I am leaving parliament to run as an independent candidate for mayor of London. I am running to be mayor and not for parliament because I find Westminster increasingly depressing as it loses more and more of its meaning and purpose in stale divisive rows. And I believe that [...]
Care leavers deserve a chance to begin adulthood on firm footing October 30, 2019 We all remember the challenge of becoming an adult. Fresh out of school, college, or university, you are out there on your own – hunting for your first job, your first flat, and trying to make ends meet on your first pay cheques. My first taste of real adulthood came at age 22, straight out [...]
DEBATE: As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? October 30, 2019 As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? David Herbinet, global head of audit at Mazars, says YES. The Financial Reporting Council’s latest figures show that, despite all efforts, the audit market is actually narrowing. A diverse market is vital for audit quality and [...]