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December 11, 2019
Morgan Stanley – one of the world’s biggest investment banks – isn’t saving anyone from tears this holiday season: it just announced plans to make this Christmas the last one for 1,500 employees globally. The job cuts – which will mostly impact the technology, operations, and trading divisions – are part of a year-end efficiency push from the bank.
December 9, 2019
Some of the world’s biggest oil-producing nations agreed on Friday to cut supply by another 500,000 barrels a day – and Saudi Arabia volunteered to go even further. The oleaginous OPEC group and its allies have cut production several times over the past three years: reduced supply boosts the oil price, theoretically meaning more profit all round.Some of the world’s biggest oil-producing nations agreed on Friday to cut supply by another 500,000 barrels a day – and Saudi Arabia volunteered to go even further. The oleaginous OPEC group and its allies have cut production several times over the past three years: reduced supply boosts the oil price, theoretically meaning more profit all round.
December 4, 2019
America struck back against France’s controversial new tech tax late Monday – and big US firms will be celebrating. While it failed to gain European Union-wide approval, France went ahead and introduced a 3% “digital services tax” anyway in August. La République is keen to ensure tech giants pay a fair level of tax relative to the amount of business they actually do in the country.
December 2, 2019
With Germany’s unemployment rate unexpectedly falling in November, the country might now dig its heels in more than ever against the European Central Bank (ECB). The ECB has long been calling for Germany to boost its economy through extra public spending, but positive unemployment data might give the country’s policymakers even more reason to pay no attention.
November 29, 2019
Spain’s BME, home of the Madrid stock exchange, has been the center of attention this week: Germany’s Deutsche Börse and the Netherlands’ Euronext are both reportedly considering proposing mergers, while Switzerland’s SIX Group made its bid official.
November 26, 2019
London’s transport authority TfL halted Uber in its tracks on Monday by revoking its operating license – and the ride-hailing company’s investors slammed on the brakes, initially sending its shares down 6%. Uber first hit London traffic in 2017, when TfL revoked its license. It’s since been granted two extensions, but TfL has now refused to renew that license again.
November 21, 2019
Internet behemoth Alibaba – China’s answer to Amazon – completed its share sale in Hong Kong on Wednesday, revealing $11 billion in hidden riches. Alibaba is actually already a public company: it raised a record $25 billion by selling shares in 2014.
November 20, 2019
Investors were left out in the cold after home improvement retailer Home Depot reported weaker-than-expected quarterly sales growth on Tuesday, as well as a dilapidated forecast for the rest of 2019. Home Depot’s third-quarter sales in existing stores grew 3.6% compared to the same time last year.
November 18, 2019
Last week, Goldman Sachs hosted a conference for companies and investors to discuss how their environmental, social, and governance (ESG) responsibilities would impact them – and how to make sure they don’t lose money if the apocalypse arrives.
November 15, 2019
The retailer, which makes most of its money in the US selling groceries, saw its stores’ third-quarter sales rise 3.2% from a year ago – more than analysts predicted
November 13, 2019
Shares of “defensive” telecoms companies have been out of favor with investors lately – but on Tuesday, Vodafone and Iliad reminded them that a good defense can be the best offense.
November 11, 2019
Media giant Disney reported better-than-expected quarterly revenue and profit growth late last week – and Enchanted investors sent its shares up 4%. Disney’s last quarter was definitely more Beauty than Beast. Revenue from its iconic theme parks and broadcast networks grew – but the real Aladdin’s cave was its movie studio.
November 8, 2019
Italy’s largest bank, Unicredit, and Germany’s second-largest, Commerzbank, both reported third-quarter results on Thursday. The two are slowly sliding in opposite directions: Unicredit up and Commerzbank down.
November 7, 2019
German car manufacturer BMW may have reported rising third-quarter sales on Wednesday, but the carmaker hasn’t exactly lived up to its ultimate reputation: it’s expecting a “significant decrease” in its profit for 2019 as a whole.
November 6, 2019
With one eye on securing a trade deal and another on looking like the winner, the US is thinking about removing tariffs on $112 billion worth of Chinese goods. The US-China trade war has cast a long shadow over the global economy lately, so any de-escalation in tensions should – at least for now – give it a bit more room to breathe.
November 4, 2019
US oil majors Chevron and Exxon Mobil reported third-quarter results late last week, following European rivals BP, Total, and Shell. And despite falling profits, all but Chevron were drippin’ in finesse. It’s no secret that the price of a barrel of oil is lower now than it was this time last year.
November 1, 2019
Italian-American carmaker Fiat Chrysler and France’s Groupe PSA – owner of Peugeot and Opel – agreed a merger that would value the combined company at $50 billion. Europe might see if it can grab a lift.
October 31, 2019
Facebook wooooooooooed investors with better-than-expected third-quarter results late on Wednesday: the social media company’s stock rose 2%. Facebook’s monthly active users were up 8% on the same time last year – roughly the same growth rate as in the last two quarters.
October 29, 2019
On Monday, luxury conglomerate LVMH – owner of Louis Vuitton, Dior, and Moët & Chandon – announced its $15 billion bid to buy US jeweler Tiffany & Co. Clearly someone has expensive tastes…
October 25, 2019
Amazon continues to transform and roll out new strategies, but it reported a third-quarter profit late on Thursday that was worse than investors expected – initially sending its stock down 8%. Amazon’s total revenue was higher than expected, helped by 24% ecommerce growth in the US and 18% internationally compared to the same time last year.
October 24, 2019
“Just” $40 billion separates the values of Apple and Microsoft – the world’s largest and second-largest public companies. So here’s hoping Microsoft’s better-than-expected quarterly update on Wednesday will help it become fitter, happier, and more productive…
October 23, 2019
On Friday, China revealed its economy grew by 6% in the third quarter of this year – lower than economists had predicted, and its weakest growth rate since 1992. China’s retail spending and “industrial output” (stuff made in factories) held up last quarter, but “investment spending” appeared to fall short of expectations. When Chinese companies slow down their investments, it usually results in fewer imports, since they need fewer items from abroad.
October 22, 2019
British medical equipment company Smith & Nephew lost its CEO on Monday. Please sir, he just wanted some more than the $6 million he was on…Smith & Nephew hired Namal Nawana in May of last year. But Nawana’s previous job paid him almost double what he was going to make in 2019, and he’s spent the last few months arguing with the company about it. British investors are notoriously reluctant to pay bumper salaries.
October 21, 2019
The UK’s spent the last few weeks going head to head with the European Union (EU) over the terms of the former’s departure from the latter. They reached an agreement last week – but on Saturday, the UK’s Parliament failed to approve it, leaving the country precious few options…
October 16, 2019
Several big American banks announced third-quarter results on Tuesday, and each had a little somethin’ somethin’ different to its flavor…JPMorgan Chase was like a kid in a candy store: it reported higher-than-forecast revenue and profit, partly because it earned more than expected from investors trading “fixed income” (e.g. bonds), currency, and commodities – just like rival Citigroup.
October 15, 2019
French energy giant Total is spending big: on Monday, it announced a $600 million deal to tap into India’s growing gas market. Total, the world’s sixth-largest oil company, is buying a 37% stake in India’s Adani Gas, which distributes to homes, offices, and factories across the country. Total’s already the world’s second-biggest producer of liquefied natural gas (LNG), but as part of the deal, it’ll supply Adani with three megatons of the stuff.
October 11, 2019
Global car sales are falling – but on Monday, Daimler-owned Mercedes-Benz reported that Chinese enthusiasm drove its third-quarter sales to their highest ever. Mercedes sold 12% more cars last quarter than it did a year earlier, making up for a stuttering start to the year. Records were set in China, where 13% more Mercedes vehicles were sold in the quarter. And September was particularly good, especially in Daimler’s home country: German sales were up 25% from last year.
October 8, 2019
HSBC’s iconic towers will soon be emptier: according to reports on Monday, Europe’s biggest bank will shortly trim 10,000 jobs. HS’s-Big-Costs have weighed on the bank for a while, particularly in Europe: a quarter of its employees are there, despite HSBC making a loss in Europe in each of the past two years.
October 7, 2019
According to reports on Friday, Apple recently told its suppliers to increase their iPhone 11 production – suggesting that the company’s anticipating higher customer demand than previously for its $700-plus handset.
October 3, 2019
Tesco’s update on Wednesday was a two-for-one special: the UK’s largest grocery chain announced strong half-yearly results and the departure of its much-lauded CEO. Tesco’s CEO took the job five years ago, back when the grocery giant was under pressure to reduce product prices in the face of rival discount chains.
