Sunday, 21 October 2018

Business

Asia pivot helps HSBC post jump in third quarter pretax profit

HONG KONG: HSBC on Monday signaled its pivot to Asia was paying rich dividends as quarterly profits leapt five-fold, laying a foundation for its new leadership to plan for growth after a tough period of post-crisis restructuring. HSBC earlier this month chose veteran John Flint as its next chief executive, ...

Read More »

Brazil’s oil fields auction fetches $1.9 billion

RIO DE JANEIRO: Brazil ‘s much anticipated auction of deep water, pre-salt oil blocks raked in 6.15 billion reais ($1.9 billion) in Rio de Janeiro after the government overturned a court injunction suspending the sale. The signing bonuses fell beneath the government’s goal of 7.15 billion reais, with two of ...

Read More »

Hotel booking sites to be investigated

LONDON: The Competition and Markets Authority (CMA) has launched the probe because it is concerned about the “accuracy and presentation of information on sites” which could stop holidaymakers from finding the best deal and potentially break consumer law. As part of the investigation, CMA has written to hotel booking sites ...

Read More »

UK GDP: Growth figures raise chances of rate rise

LONDON: The UK’s economy had higher than expected growth in the three months to September – increasing the chances of a rise in interest rates in November. Gross domestic product (GDP) for the quarter rose by 0.4%, compared with 0.3% in each of 2017’s first two quarters, according to latest ...

Read More »

Barclays Shares Slump

LONDON:  Barclays PLC Thursday announced an increase in third-quarter net profit, helped by a fall in conduct and operating costs. The British bank said revenue in the quarter was down 5% to GBP5.17 billion ($6.9 billion) compared to a year ago, as bond trading revenues slumped. Net-profit rose to GBP583 ...

Read More »

BT to slash landline costs by 37% for up to one million customers

LONDON: Telecoms giant BT has announced it will cut the cost of its landline-only contracts by 37%, following a review from the industry regulator Ofcom. The FTSE 100-listed company said on Thursday (26 October) that, from April next year, up to one million landline-only customers will see the price of ...

Read More »

Poker legend loses battle over £7.7m winnings from London casino

LONDON: US poker legend Phil Ivey has lost his UK Supreme Court appeal against Genting Casino, relating to a £7.7 million ‘edge sorting – Punto Barco’ dispute at London’s Crockfords Mayfair Casino. Ivey representatives wished to overturn a 2014 UK Civil Court ruling against the poker player, which deemed that ...

Read More »

Saudi Arabia to Construct $500 Billion Mega City

RIYADH: Saudi Arabia’s powerful crown prince on Tuesday announced plans to build a futuristic city run entirely on alternative sources of energy and said the ultraconservative kingdom must return to “moderate Islam.” The $500 billion “Neom” project , envisioned as a hub for technological innovation, will be funded by the ...

Read More »

Equifax faces formal investigation by UK financial watchdog

LONDON: Equifax, the US credit reporting company at the heart of a cyber security scandal, faces a formal investigation by the UK financial watchdog after it admitted that nearly 700,000 UK customers may have had their personal details stolen. The Financial Conduct Authority confirmed in a brief statement on Tuesday ...

Read More »