HSBC rides out China property storm
HSBC shrugged off concerns about pandemic-related bad loans and property problems in China. This is with a surprise 74% quarterly profit jump and a $2 billion share buyback. The British bank’s profit growth was mainly driven by the release of cash reserves set aside in anticipation of pandemic-induced defaults, said HSBC’s finance chief Ewen Stevenson. He added […]
Birkin bag maker Hermes shrugs off China slowdown
Sales at Birkin bag maker Hermes grew by 31%. This has beaten the market expectations, even though, the rebound from the fallout of the pandemic slowed down. Analysts had expected comparable revenues at the French luxury group. This is according to a consensus cited by UBS. Revenues at the end of the quarter stood at […]
Carrefour Q3 sales slow
Carrefour ended talks over a possible tie-up with unlisted rival Auchan. They said it remained on the offensive as it kept a guidance for 2021 net free cash flow above 1 billion euros. Europe’s largest retailer said revenue growth slowed in the third quarter. This is reflecting the weaker sales in the core French market. […]
Whitbread’s Cadbury as new finance chief by British airway’s owner
British Airways owner IAG said that its finance chief, Steve Gunning, would step down after the airline’s 2021 results. Also, they named Premier Inn hotel operator Whitbread’s Nicholas Cadbury as his successor. Gunning, a company veteran, became IAG’s chief financial officer (CFO) in 2019. He leaves IAG at a time when airline operators have just begun to […]
Consumer’s creditworthiness awareness set to drive change in dealer finance
When it comes to financing a used car purchase, 32% of people would not consider finance from a dealer, 31% of people would consider finance from a dealer, 33% of people would choose a High St Bank/Building Society. These numbers from MotoNovo’s recent Attitudes to Car Buying Research suggest a modest shift by consumers away […]
The role of sustainable reporting in 2021
The last 20 years have seen a greater focus on the non-financial aspects of business such as social value, environment, CSR (Corporate Social Responsibility) or ESG (Environmental Social and Governance) agenda. These have pushed organizations to a balanced approach to strategy, growth and investment. The UK Government set the ambition of achieving net-zero carbon by […]
Africa calls for climate finance tracker
African countries want a new system to track funding from wealthy nations that are failing to meet a $100-billion annual target. Africa’s lead climate negotiator said that this is to help the developing world tackle climate change. The demand highlights tensions ahead of the COP26 climate summit. The world’s 20 largest economies, which are behind […]
Asia curbs sales growth at Kering’s Gucci
French luxury group Kering’s star fashion brand Gucci grew sales by just 3.8%. This happened just in the third quarter. The pace of recovery from the pandemic has slowed down sharply, particularly in Asia. Luxury goods groups have bounced back strongly from the fallout of this Covid. This is because people across the world are […]
DHL to operate Honor’s smart device distribution hub for Middle East and Africa
DHL Global Forwarding is one of the leading international providers of air, ocean, and road freight services. They announced that it will operate the smart devices distribution hub in Dubai. This hub will distribute Honor’s products to more than 30 countries across the Middle East and Africa. Ralf Schreiber at DHL Global Forwarding said that […]
Former UBI top executives acquitted in governance trial
An Italian court acquitted the former top executives of UBI Banca in a trial over alleged governance irregularities at the regional bank. Former UBI CEO Victor Massiah and Intesa Sanpaolo’s Honorary Chairman Giovanni Bazoli were both acquitted together with another 27 people on trial. Bazoli stated that he deeply appreciates the professional qualities and independence shown […]