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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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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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 Britain's fourth-largest supermarket group falls after J.P.Morgan downgrades to "underweight" from "neutral", says shares are "expensive".
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