October, 2021

• 17 October

  Monte Paschi sale may cost Italian taxpayers another $6b

  

  Bloomberg Italy is in talks to inject at least $5.6 billion into Banca Monte Paschi di Siena SpA ahead of a sale of the troubled lender to UniCredit SpA. The finance ministry, which controls Monte Paschi, is considering a cash infusion for the Tuscan bank through a rights offering that would allow minority shareholders to opt out of the increase, …

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• 17 October

  JPMorgan says higher pay to pull expenses up next year

  Bloomberg JPMorgan Chase & Co.’s expenses will probably climb in 2022 as a surging investment-banking business and other revenue gains translate into higher compensation costs. “We pay for performance,” Chief Financial Officer Jeremy Barnum said on a conference call with analysts. “Realistically, expenses are going to be up next year.” Even so, compensation growth has been lower than some analysts …

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• 17 October

  Santander staff could do 70% office hours: Botin

  

  Bloomberg Banco Santander SA could eventually bring staff back to the office most of the time, according to Ana Botin, executive chair of the Spanish bank. “We’re looking at 60% to 70% in person, 30% to 40% remote. That, I would say, is the range of options we’re considering,” Botin said during the Institute of International Finance annual membership meeting, …

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• 17 October

  HDFC Bank quarterly profit surges 18%

  Bloomberg HDFC Bank Ltd.’s quarterly profit rises 18%, buoyed by strong loan growth, as the coronavirus pandemic’s economic fallout waned. Net income for the quarter ended September stood at 88.3 billion rupees ($1.17 billion), compared to 75.1 billion rupees a year ago, according to an exchange filing on Saturday. That beat the average estimate of 86.50 billion rupees by analysts …

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• 17 October

  Wells Fargo earnings top forecasts, shares fall after loans dip

  

  Bloomberg Wells Fargo & Co beat analysts’ expectations for third-quarter profit as Chief Executive Officer Charlie Scharf makes progress on his turnaround efforts, but shares declined as expenses were higher than anticipated and loans fell. The bank reported net income rose to $5.1 billion, padded by a $1.7 billion reserve release, according to a statement. Still, the firm took a …

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• 17 October

  Honda’s futuristic plans include flying taxis, rockets, and robots

  

  Bloomberg Car and motorbike maker Honda Motor Co is positioning itself for a vertical takeoff. The Tokyo-based company is embarking on efforts to field a new electric-hybrid air taxi, a robot with human-like hands that may one day toil on the moon and a reusable rocket to carry small satellites into space more economically. Honda’s vision of how people will …

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• 17 October

  Google to help clients monitor, cut their environmental impact

  

  Bloomberg Google’s cloud-computing division unveiled tools to help clients monitor and reduce their environmental impact, part of the company’s broader push to fight climate change. Customers can now use a carbon-footprint feature to see the gross emissions associated with their use of the Google Cloud platform, the Alphabet Inc.-owned company said in a blog post. Google Cloud also is teaming …

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• 17 October

  Toyota cuts November outlook by 15%

  Bloomberg Toyota Motor Corp cut its global car production target for November by around 15% from an earlier plan as a shortage of parts continues to weigh on the world’s No. 1 automaker. The Japanese company had initially planned to make 1 million cars next month but now expects to do only around 850,000 to 900,000 units, it said. “Since …

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• 17 October

  Apple to cut iPhone production goals due to chip crunch

  

  Bloomberg Apple Inc is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units as prolonged chip shortages hit its flagship product The company had expected to produce 90 million new iPhone models in the last three months of the year, but it’s now telling manufacturing partners that the total will be …

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• 14 October

  Bank of Korea mulls timing of next hike after standing pat

  

  Bloomberg Bank of Korea (BOK) Governor Lee Ju-yeol gave his strongest signal yet that a rate hike is likely in the works for November as he flagged worsening financial imbalances, growing inflationary pressures and solid recovery momentum. The central bank’s decision to hold rates at 0.75% was opposed by two members who called for a back-to-back increase following August’s liftoff. Dissension …

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