Raab condemns ousting of Hong Kong opposition lawmakers as assault on freedoms November 11, 2020 British foreign secretary Dominic Raab has condemned the expulsion of four opposition pro-democracy lawmakers in Hong Kong as an assault on the city’s autonomy and freedoms. Hong Kong ousted four opposition politicians from the city’s legislature for “endangering security” after China passed a resolution allowing the city’s executive to expel legislators deemed dangerous to national [...]
‘Positive evidence’ on negative interest rates, says BoE policymaker Tenreyro November 11, 2020 Bank of England policymaker Silvana Tenreyro said there was “positive evidence” that negative interest rates could help banks and the wider economy amid the downturn caused by Covid-19. “The positive evidence related to negative interest rate policy comes from Europe, where it has worked fairly well,” Tenreyro said in an interview with the Yorkshire Post. [...]
BAE Systems slightly lifts profit forecast as orders beat expectations November 11, 2020 BAE Systems slightly raised its earnings forecast for the full year, with the defence company saying demand for its products had remained high throughout the Covid-19 crisis. In an update to the stock exchange this morning, the group kept its full-year guidance for sales and cashflow unchanged, but said it now expects earnings per share [...]
Dutch bank ABN Amro beats profit expectations after smaller rise in bad loans November 11, 2020 ABN Amro reported expectation-beating results, despite posting a 46 per cent drop in third quarter profit as losses on bad loans due to the Covid-19 pandemic rose less than expected. The Dutch lender posted a net profit of €301m (£268m) for the three months to September, beating bank-compiled analyst forecasts of €111m, but almost half [...]
Barclays fossil fuel financing increases despite ‘net zero’ pledge November 11, 2020 Barclays has increased its financing of fossil fuel firms despite setting a ‘net zero’ goal for itself earlier this year following investor pressure, according to a new report. The bank, which is Europe’s largest fossil fuel financer, provided $24.58bn (£18.55bn) in underwriting and lending to major fossil fuel companies between January and September this year. [...]
Wall St indexes dip as Pfizer vaccine optimism fades, but FTSE 100 powers ahead November 10, 2020 The S&P 500 and Nasdaq indexes in New York dipped at the open, halting a rally set off by the Pfizer vaccine results yesterday.
Softbank ‘considers moving Vision Fund’ from London to Abu Dhabi November 10, 2020 Japanese tech investment giant Softbank is reportedly considering moving the unit that manages its $100bn (£75.6bn) Vision Fund from London to Abu Dhabi. The move has been under discussion for several weeks, the Financial Times reported, citing people with knowledge of the talks. The relocation of Softbank Investment Advisors, which manages the Vision Fund, is [...]
UK unemployment hits four year high as redundancies reach record levels November 10, 2020 Redundancies hit a record high in the three months to September while the unemployment rate jumped, according to new figures which show the UK’s labour market declined rapidly before the chancellor U-turned on coronavirus support measures. A record 314,000 British workers were made redundant in the three months to September, 181,000 more than in the [...]
Mr Kipling owner Premier Foods raises outlook as lockdown feeds demand November 10, 2020 Premier Food has raised its full-year profit outlook, saying it expects a higher demand for its brands – which include Mr Kipling, Bisto, and Oxo – due to fresh lockdown restrictions on eating out. The group reported a 35.5 per cent increase in pre-tax profit to £50.5m for the six months to 26 September, as [...]
Wall Street closes just shy of record on renewed hopes of Covid-19 vaccine November 9, 2020 Wall Street surged ahead today as news of the first successful late stage Covid-19 vaccine trials bolstered hopes of the global economy emerging from a year of pandemic-driven crisis, with the S&P 500 and Dow Jones opening on record highs. News that Pfizer’s experimental vaccine was found to be more than 90 per cent effective [...]
