Morning News | Swissquote

HSBC to Sell Canadian Arm for $10.1 Billion

Royal Bank of Canada said it would pay US$10.1 billion for HSBC Holdings PLC's Canadian operations, a move meant to position Canada's biggest bank to expand during an expected immigration surge. HSBC, a London-based bank with a huge Hong Kong presence, serves more than 780,000 customers through 130 branches in Canada. As part of the deal, it will refer clients who are moving to Canada to RBC, said Dave McKay, RBC's chief executive. Canada's government has said it expects to boost immigration to 500,000 people a year by 2025, up from 405,000 last year.

30.11.2022

Shell to Buy Biogas Producer in $2 Billion Deal

Shell PLC (-0.27%) has agreed to buy a European producer of biogas for nearly $2 billion, the latest move by a major oil and gas company to push into renewable fuels. The London-based company said Monday it would buy Denmark's Nature Energy Biogas A/S, which produces a renewable fuel called biomethane that can replace conventional natural gas in heavy road and marine transport, industry and heating. Nature Energy is Europe's biggest producer of biomethane from organic waste. The deal emerges as some of the world's largest oil-and-gas companies look to tap into rising demand for renewable natural gas as their customers try to cut greenhouse-gas emissions.

29.11.2022

Credit Suisse Stock Tests Record Lows Even as Bank Secures $4 Billion From Investors

Credit Suisse shares plunged 6.6% after the lender issued another profit warning, predicting a fourth-quarter pre-tax loss of up to $1.6 billion. The bank also announced details of a bid to raise capital amid concerns over customers withdrawing funds. Credit Suisse's stock is testing record lows, even as the Swiss bank is pulling in about $4.2 billion of new equity funding to shore up its finances. Its shares closed Thursday at 3.55 Swiss francs, the second day in a row that it registered a new closing low. They sank as low as 3.48 francs on Friday morning.

28.11.2022

Remy Cointreau Backs FY 2023 View Despite Likely Slower 2H

Remy Cointreau SA said it remains confident of its outlook for the fiscal year, but said growth is set to slow after a strong first six months. In the six months to Sept. 30, the French distiller made current operating profit of 319.3 million euros ($331.9 million,) 27% higher on year organically, with an operating margin that climbed 1.7 points to 36.8%. Adjusted net profit meanwhile rose 29% to EUR226.8 million. Half-year revenue, which Remy Cointreau published last month, was confirmed at EUR867.1 million, rising 21% on year on the back of a strong price effect.

25.11.2022

Credit Suisse Warns of $1.6 Billion Loss After Clients Pull Money

Credit Suisse Group AG warned it would lose around $1.6 billion in the fourth quarter after customers pulled their investments and deposits over concerns about the bank’s financial health. The warning of a big pretax loss pushed Credit Suisse’s shares to a new closing low, below a previous nadir hit in late September as concerns swirled about the bank’s financial health. Switzerland’s No. 2 bank by assets said outflows were around 6% of its total $1.47 trillion assets, or around $88.3 billion, between Sept. 30 and Nov. 11. Customers in its wealth-management arm—its main business serving the world’s rich—removed $66.7 billion from the bank.

24.11.2022

Credit Suisse Flags CHF1.5 Bln 4Q Loss as Wealth Management Comes Under Strain

Credit Suisse Group AG said Wednesday it expects to make a loss before taxes of around CHF1.5 billion in the fourth quarter, as net-asset outflows cause its wealth-management business to slump amid a painful restructuring of the bank. Lower deposits and assets under management are set to lead to reduced net interest income and recurring commissions and fees, which will drag wealth management into a loss in the three months to the end of the year, the Swiss lender said.

23.11.2022

Walt Disney Names Bob Iger CEO, Replacing Bob Chapek

Walt Disney Co.'s board of directors replaced Chief Executive Bob Chapek with Robert Iger, the company's former chairman and CEO who left the company at the end of last year. "The board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period," said Susan Arnold, chairman of Disney's board, in a statement. "We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic," she added.

22.11.2022

BHP, World's Top Miner, Nears Biggest Acquisition in a Decade

BHP Group Ltd. raised its offer for OZ Minerals Ltd. to value the Australian miner at $6.34 billion, as it seeks to produce more copper and nickel needed for electric vehicles, wind turbines and solar farms. OZ Minerals said it intends to recommend shareholders vote in favor of BHP's revised offer of 28.25 Australian dollars, the equivalent of about $18.90, a share. A completed deal would represent BHP's largest acquisition since 2011 when it bought Petrohawk Energy Corp. for more than $12 billion. BHP, based in Melbourne, Australia, approached Adelaide-based OZ Minerals about a potential takeover in August, but its offer was quickly rejected by directors as too low.

21.11.2022

Alibaba’s Revenue Misses Forecasts as China’s Covid Policy Weighs

Chinese e-commerce company Alibaba Group Holding Ltd. (+7.8% ADR) reported one of its weakest revenue expansions since going public, underscoring the persisting weight of Beijing’s zero-Covid policy on domestic consumption and business activities. The Hangzhou-based company said Thursday that its July-September quarter revenue rose 3% from the same period year earlier, marking a return to growth from the slim dip in the previous quarter when widespread pandemic lockdowns disrupted supply chains and logistics.

18.11.2022