By Noele Illien, Oliver Hirt and John O’Donnell ZURICH (Reuters) – Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients, as the bank attempts to put years of scandals behind it. The Swiss lender outlined on…
LONDON (AP) — Shell’s earnings more than doubled in the third quarter, fueling the debate over taxes on energy producers’ windfall profits as they have benefited from high oil and natural gas prices following Russia’s invasion of Ukraine. Adjusted earnings, which exclude one-time items and fluctuations in the value of inventories, jumped to $9.45 billion…
FRANKFURT, Germany (AP) — The European Central Bank piled on another outsized interest rate hike aimed at squelching out-of-control inflation, increasing rates at the fastest pace in the euro currency’s history and underscoring the bank’s determination to control prices despite the threat of recession. The 25-member governing council raised its interest rate benchmarks by three-quarters…
(Reuters) – Twitter Inc shares will be suspended from trading on Friday, the New York Stock Exchange’s website showed, as billionaire Elon Musk faces a court-ordered Oct. 28 deadline to close his $44 billion deal for the social media platform. Musk, the world’s richest person, visited Twitter’s headquarters in San Francisco on Wednesday and hinted…
ZURICH (Reuters) – Battered by years of scandals and losses, Credit Suisse plans to raise capital, cut thousands of jobs and spin off its investment bank. Here are main elements of the new strategy: CAPITAL The bank plans to raise 4 billion Swiss francs ($4.06 billion) to strengthen its balance sheet. Part of this will…
By Dagmarah Mackos (Reuters) -French IT consulting firm Capgemini said it expects results at the top end of guidance this year driven by its cloud, data and artificial intelligence businesses, but cautioned that demand would slow in 2023. “The group expects demand to decelerate a bit in the coming quarters, but it remains confident that…
GENEVA (AP) — Swiss bank Credit Suisse unveiled Thursday a “radical strategy” aimed to overcome a string of recent troubles that have dented its reputation, involving cost cuts, staff reductions, steps to lower risk and a cash infusion through a share purchase from a leading Saudi bank. The Zurich-based bank also said it will revive…
(Reuters) -Swedish automaker Volvo Cars expects lower wholesales volumes this year, it said on Thursday as it reported a drop in third-quarter operating profit, hit by higher costs and lower volumes. While manufacturing output had continued to improve in the third quarter, the pace of production normalisation has been slowed by power outages and COVID-19…
SEOUL, South Korea (AP) — Samsung Electronics has officially appointed third-generation heir Lee Jae-yong as executive chairman, two months after he secured a pardon of his conviction for bribing a former president in a corruption scandal that toppled a previous South Korean government. Lee’s promotion is partially symbolic as he has headed the Samsung group…
TOKYO (AP) — Even as the Federal Reserve and the world’s other central banks raise interest rates to try to curb inflation, the Bank of Japan has stood firm. Since 2016, Japan’s key interest rate has been minus 0.1%. The world’s third-largest economy has been battling deflation, or a continuous downward spiraling of prices, for…
