PayPal CEO sees staff working from home more often after virus according to Bloomberg News.
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German carmaker Daimler will cooperate with China's Geely GEELY.UL to build its next generation of engines, business daily Handelsblatt reported on Tuesday, citing company and industry sources.Most of the engines will be made in China, Handelsblatt said. The alliance with Geely, which owns a 10% stake in Stuttgart-based Daimler, means that an existing partnership with Renault will expire.
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Falls as Q4 sales growth slows
Kingfisher says its underlying sales growth slowed to 12.6% in Q4 so far to Nov. 14, largely reflecting impact of more recent lockdown measures. KGF reports Q3 20/21 total group sales of 3.5 bln stg, up 17.6% in constant currency; group's like-for-like sales up 17.4%.
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Net profit at Austria's Erste Group Bank fell less than expected in the third quarter as revenue was robust and its main impairment charge shrank to a third of the previous quarter's.The bank, which focuses on eastern Europe and its home market of Austria, said on Monday it was too early to tell how big the pandemic-related downturn would be. It repeated that it expects net profit to "decrease significantly" this year.
Net interest income edged up a fraction of one percent to 1.19 billion euros ($1.38 billion) in the three months to the end of September compared with a year earlier while its smaller net fee and commission income fell 2%. Net profit fell 30% to 343.3 million euros, above analysts' average forecast of 304 million euros, according to Refinitiv data. In the second quarter, net profit was 58.5 million euros.
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Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) concluded the sale of their interest in Morila Gold Limited, which owns 80% of the Morila gold mine in Mali, to Firefinch Limited (previously named Mali Lithium Limited) (ASX:FFX) for $28.8 million cash. The state of Mali continues to hold the remaining 20%.
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China is giving investors more power in setting the value of the yuan, a move analysts said was likely intended to boost the currency’s international appeal rather than to drive it lower. In onshore markets, the yuan is allowed to trade only in a narrow range around a daily midpoint set by the central bank. That level is set using previous traded prices from Chinese banks, but until now banks have sometimes adjusted their inputs using what is known as a countercyclical factor. The result has been to make the currency less volatile and to slow any selloff when the yuan was under pressure.
Chinese banks have recently stopped using the factor, the China Foreign Exchange Trade System said late Tuesday, adding that the suspension could help make the daily fixing mechanism more transparent and efficient. The CFETS is an arm of the People’s Bank of China. Making the system less opaque, and more reflective of market prices, could boost the yuan’s appeal to investors. China’s leaders are eager to attract more foreign capital to their markets and to bolster broader international use of the yuan for trade and finance, rather than having to rely too much on transacting in dollars. At the same time, too weak of a currency could invite fresh U.S. accusations that Beijing is deliberately keeping the yuan undervalued to supercharge exports.
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Goldman Sachs has poached Barclays' insurance banker Marguerite Bion to win more business from Europe's biggest insurers as industry consolidation heats up amid anaemic profitability and tightening regulation.
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Shares of Tesla surged 10% to end near a record high on Wednesday, extending a two day rally after it was announced the electric car maker will join the S&P 500.
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