Wells Fargo outperforms estimates as profits climb July 16, 2019 Wall Street banking giant Wells Fargo reported a rise in quarterly profits this afternoon, comfortably beating expectations as it presses ahead with a major cost-cutting overhaul. The lender posted earnings per share of $1.30 during the second quarter of 2019, rising from $0.98 per share a year ago and beating $1.15 per share Refinitiv estimates. [...]
Boss of First Group’s US cash cow quits July 15, 2019 The boss of First Group’s largest business has resigned as the company continues to suffer from the fallout of an activist rebellion, City A.M. can reveal. Dennis Maple, the president of First Student, the largest provider of student transportation in North America, is understood to have taken up a role at another company after serving [...]
Debate: Will the British Airways GDPR fine have a bigger impact than the Cambridge Analytica scandal? July 15, 2019 In financial terms the British Airways fine is a serious step-change in consequence
Huawei plans ‘extensive’ US job cuts amid trade blacklisting July 14, 2019 Huawei is said to be planning extensive layoffs in the US as the Chinese tech firm grapples with the impact of President Donald Trump’s trade ban. The job cuts are expected to affect staff at the firm’s US-based research and development subsidiary Futurewei Technologies, which employs roughly 850 people across the country, the Wall Street [...]
May’s team in row over press freedom after Cabinet leak threat July 14, 2019 Prime Minister Theresa May and her top officials have been dragged into a bitter row over the freedom of the press after the Metropolitan Police warned journalists could be prosecuted for publishing diplomatic leaks. The Cabinet Office last week called in Met Police assistant commissioner Neil Basu, who issued a warning to the media that [...]
German fintech challenger bank N26 launches in the US July 11, 2019 German fintech giant N26 has today launched its services in the US, making it the second major European digital bank to cross the pond. Starting today in a staged rollout, the 100,000 customers on N26’s US waiting list will be invited to open an account and have full access to the bank’s app and debit card. [...]
Landsec chief executive Robert Noel to retire July 11, 2019 Landsec chief executive Robert Noel is set to step down next year, the property giant announced today. Noel will retire after ten years at the firm and eight in the chief executive role after he joined Landsec as managing director of the London portfolio in 2010. Read more: Landsec: A tale of two portfolios He [...]
DFS share price falls as it warns investors of ‘volatile’ political backdrop July 11, 2019 DFS posted strong sales growth for its latest financial year today but also warned future earnings could suffer from uncertain economic outlook. Read more: DFS doubles profit but warns of ‘challenging’ 2019 The sofa giant revealed that online sales growth hit 17 per cent in the 12 months to the end of June, with underlying [...]
DEBATE: Should ambassadors be political appointments? July 11, 2019 Following Sir Kim Darroch’s resignation, should ambassadors be political appointments? Olivia Utley, deputy editor at TheArticle, says YES. To repair a special relationship which has gone – to put it mildly – a little sour, the new Prime Minister needs to appoint a special kind of ambassador. Sir Kim, who spent most of his career [...]
Attacks on central bank independence must be called out for what they are July 10, 2019 There lies great danger in normalising the extraordinary political events of our time. In the last 24 hours alone, reports have emerged of a plot to channel Russian oil money to a governing party in the Eurozone’s third biggest economy; a campaign group behind the UK’s leader of the opposition has disseminated an attack video [...]