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Some of the UK’s biggest high street banks are bracing themselves for trouble. Barclays Plc, Lloyds Banking Group Plc and NatWest Group Plc have together put aside nearly £1.3 billion ($1.5 billion) to cover bad loans, earning reports this week showed. HSBC Holdings Plc, which makes most of its money in Asia, also set aside $200 million “in respect of …

Porsche AG’s surging income failed to impress investors as concerns over headwinds in the final months of the year weighed on luxury-car maker’s shares. Operating profit jumped 41% to €5.05 billion in the first nine months from the same period last year, partly due to exchange-rate effects, the luxury-car maker said. But the company didn’t raise its full-year guidance, suggesting …

Trading in the global foreign-exchange market jumped to an all-time high amid heightened volatility, according to the Bank for International Settlements (BIS). Average daily transactions in April increased to $7.5 trillion, up 14% from the same month in 2019, the BIS said in its triennial survey. That compares with a growth rate of 30% in 2019 and a contraction of …

A slump in demand for household appliances has prompted Swedish manufacturer Electrolux AB to scale back its North American operations in a move that affects as much as 8% of its 50,000-strong workforce. The job cuts of 3,500 to 4,000 employees form part of a cost reduction problem that was announced alongside Electrolux’s third-quarter earnings. The company, which makes cookers, …

Bank of Nova Scotia’s capital-markets unit is cutting some jobs in Asia and offering other staff members retention and relocation packages as the bank narrows its focus on regions closer to home. The move is part of the bank’s push to concentrate on North and South America, and its global banking and markets division in the Asia-Pacific region will focus …

Deutsche Lufthansa AG predicted demand for travel will remain strong in coming months as the desire to travel in the wake of the pandemic outweighs concerns about higher cost of living and the uncertain economic future. The airline group said demand for flights in the fourth quarter looks strong, adding it also expects a robust performance for its maintenance and …

China Southern Airlines Co. cancelled two scheduled flights that would have used Boeing Co.’s 737 Max, further postponing the return of the aircraft in the country since it was grounded in March 2019. The planned flights on October 30 were to be from Guangzhou to the cities of Wuhan and Zhengzhou, according to China Southern’s website. China’s largest airline originally …

ArcelorMittal and BHP Group will test a full-scale carbon capture operation in Belgium, in the latest sign of major steelmakers and miners working together to curb emissions. Steelmaking is one of the most polluting industries, approaching a 10th of all greenhouse gas emissions. That’s put it in the firing line of investors and environmentalists who want to see credible plans …

Investment in renewable energy will need to hit $1.3 trillion a year by 2030 for the world to be on track to limit global temperatures set out in the Paris climate accord. That’s the latest assessment from the International Energy Agency (IEA), which revised up the figure from $1 trillion in a previous forecast. While the amount is more than …

South Africa and Indonesia will receive a combined $1 billion from the Climate Investment Funds to replace some of their coal-fired power plants with renewable energy facilities, part of global efforts to cut planet-warming emissions. The allocation of $500 million each to the coal-dependent countries will come in the form of “concessional,” or low cost, finance, the World Bank-affiliated fund …