U.K. lender Barclays reported a net loss of £1.21 billion ($1.58 billion) for the first half of 2017, hit by the fall in sterling, a charge from the mis-selling of payment protection insurance and a loss from the sale of its Africa unit. Here are the key metrics: H1 profit before tax: £2.3 billion ($3.01 […]
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Credit Suisse reports 78% profit surge as assets under management hit record
Credit Suisse reported a strong rise in net income for its second quarter on Friday, adding that assets under management had hit new highs for the bank. Here are the key second-quarter metrics: Net profit: $312.6 million vs. expected $311.3 million, according to Thomson Reuters. Revenue: $5.36 billion vs. expected $5.35 billion, according to Thomson […]
Read moreEvery person’s first foray into the working world teaches them something about who they are: whether that’s who they want to be – or not want to be, interactions with new environments and learning key life skills. For Julio Bruno, the chief executive of global media and entertainment business Time Out Group, he got his […]
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UBS CEO Sergio Ermotti says bank is suffering from low volatility despite earnings beat
UBS, Switzerland’s biggest bank, posted an unexpected rise in net profit on Friday despite CEO Sergio Ermotti giving a cautious outlook and highlighting that low volatility had hurt certain sectors of the bank. Here are some of the key metrics: Q2 net profit: 1.174 billion Swiss francs ($1.21 billion), up 14 percent on a year […]
Read moreIt’s a match made in business heaven: Chinese technology companies hungry for expansion are diving into the less-developed African continent, where several countries are targeting double-digit economic growth. Iginio Gagliardone, a lecturer in media studies at the University of Witwatersrand in South Africa, told CNBC via telephone that the Middle Kingdom’s expansion into Africa has […]
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BNP Paribas delivers earnings beat with strong revenues from investment banking division
France’s largest bank BNP Paribas announced Friday that it delivered a top and bottom line beat in the second quarter, against consensus estimates, as its diversified banking model helped it to weather the recent trading activity downturn more successfully than many peers. Here are some of the key metrics: Q2 net income: 2.396 billion euros […]
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Amazon’s first foray into the Southeast Asian market appears to have hit a roadblock. The e-commerce giant launched its express, same-day delivery service, Prime Now, on Thursday morning in Singapore, but by that afternoon the service seemed to have become unusable. Many users in Singapore were unable to select a delivery window for their purchases […]
Read moreThe rebalancing in the oil market is accelerating, said Goldman Sachs in a note on Thursday. “While OPEC’s production path remains uncertain, recent fundamental oil data have come in even better than we had expected,” Goldman said. “If sustained, these trends would help achieve the normalization in inventories by early next year.” Oil prices have […]
Read moreWells Fargo said on Thursday that it would compensate around 570,000 customers with car loans who were harmed by being forced to buy auto insurance. The bank estimated the total cost at around $80 million. Auto-loan contracts require customers to have comprehensive insurance for potential damage, and the bank was permitted under the contracts to […]
Read moreJapan’s Ministry of Finance (MOF) said on Friday the country will raise tariffs on frozen beef imports from the United States and other countries from August to protect domestic producers. Tariffs on frozen beef will jump to 50 percent from the current 38.5 percent between Aug. 1 and the end of March next year, as […]
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