Bank of East Asia profits slump as concerns mount over Hong Kong protests and US-China trade war August 21, 2019 One of Hong Kong’s largest banking groups posted a sharp drop in profits today as it struck a cautious tone following months of protests in the region and a global economic slowdown from the US-China trade war. Bank of East Asia (BEA), which is based in Hong Kong, reported a 75 per cent drop in [...]
OneSavings and Charter Court post higher loan books as merger draws near August 21, 2019 OneSavings Bank and Charter Court Financial have both reported higher loan books for the first half of this year as they gear up for a £1.6bn tie-up aimed at creating a leading specialist lender. Shares in both groups tumbled by roughly five per cent in morning trading, as lower net margins and Brexit-related uncertainty in [...]
Top US business bosses abandon shareholder-first principle August 19, 2019 The age-old principle that shareholders come first has been ditched by an influential lobbying group representing some of the world’s most senior business bosses. Maximising profits for investors should no longer be the main priority for firms, an organisation called The Business Roundtable concluded today, as it signalled a major corporate shift towards achieving wider [...]
Caution over major purchases as uncertainty dents UK economy August 19, 2019 Consumer appetite for major purchases fell at the second-fastest rate in almost two years during August, as Brexit uncertainty and fears of an economic slowdown held back spending. IHS Markit’s monthly household finance index dipped to a three-month low after reporting the second-sharpest drop in demand for major purchases since September 2017. Read more: Retailers [...]
Food for thought: Restaurant numbers drop as Chinese, Indian and Italian cuisines struggle August 19, 2019 Chinese, Indian and Italian cuisine might be the staple of many Saturday night takeaways, but new evidence suggests that the beloved British favourites are bearing the brunt of a slowdown in the casual dining sector. Read more: Revealed: These 10 London restaurants have the best mobile reception An average of 18 restaurants have shut per [...]
Sales tick up as pre-Brexit buying spree gives summer boost to housing market August 19, 2019 Househunters hoping to lock in a deal ahead of the government’s Brexit deadline have driven a surprise buying spree this summer, giving life to the property market’s quietest season of the year. Agreed house sales in August rose 6.1 per cent from the same month in 2018, rising to the highest level at this time [...]
Dividends break record but uncertainty fuels slowdown August 19, 2019 Global dividends rose to a new record in the last three months, but investors held back their celebrations as growth cooled in the wake of rising global economic uncertainty. Shareholders were paid out $513.8bn (£422.8bn) in the second quarter of 2019, hitting an all-time high but rising at the slowest pace for more than two [...]
US watchdogs receive allegations of manipulation over Burford Capital share price August 18, 2019 Allegations of market manipulation surrounding the collapse of litigation funder Burford Capital’s share price have been handed to US watchdogs, according to reports. Claims of “spoofing activity”, in which a dealer makes a trading order before cancelling it to affect the share price, have been passed on to the Department of Justice and the US [...]
Lidl’s suppliers warned of EU tariff import costs August 18, 2019 Supermarket giant Lidl has reportedly indicated that its suppliers will have to foot the potential bill for EU import tariffs in the event of a no-deal Brexit. For goods delivered to Ireland, the German discounter has told British suppliers to be “delivery duty paid-ready” as the government’s October deadline for leaving the EU with or [...]
Moody’s forecasts fast growth for Islamic banking in next five years August 15, 2019 Islamic banking within the Commonwealth of Independent States (CIS) will grow substantially over the next five years, according to Moody’s Investors Service. The US agency is forecasting financial expansion in many of the CIS counties during the years ahead as a result of government initiatives built to nurture the sector. Read more: Challenger bank Monzo [...]
