July, 2017

• 29 July

  Samsung profit, sales surpass estimates on chips, S8 smartphone

  

  Bloomberg Samsung Electronics Co.’s quarterly profit and revenue topped analysts’ estimates, fueled by the success of its new Galaxy S8 smartphones and demand for semiconductors. Net income rose to a record 10.8 trillion won ($9.6 billion) in the three months ended June, the Suwon, South Korea-based company said in a filing, exceeding the 9.75 trillion won average of projections compiled …

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• 29 July

  Slack Technologies raises $250mn in funding from SoftBank, others

  

  Bloomberg Slack Technologies Inc. is raising about $250 million in a funding round co-led by SoftBank Group Corp., according to people familiar with the matter, as the Japanese investment firm helps drive a new venture capital boom. Investors in the round are expected to value the San Francisco-based company, which sells software for workers to communicate with their colleagues, at …

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• 29 July

  FB signals more urgency about building chat businesses

  

  Bloomberg Facebook Inc.’s investors are salivating over the revenue potential for the company’s chat businesses, Messenger and WhatsApp, after CEO Mark Zuckerberg said he’d like to move “a little faster” to make money from them. The company has warned that sales growth, fueled primarily by mobile advertising, will slow because it can’t keep loading ads into users’ news feeds on …

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• 29 July

  Wells Fargo cuts 70 managers amid fake-accounts scandal

  

  Bloomberg Wells Fargo & Co., the lender struggling to overcome a fake-accounts scandal in its community bank, said the division’s new leader is cutting about 70 senior executive jobs. The lender will reduce the number of regional and area presidents to 91, Mary Mack, head of the retail bank, said Friday in a memo to staff, a copy of which …

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• 29 July

  Fifth Third lawyer leading candidate for US FDIC chief

  

  Bloomberg The Trump administration is considering nominating Fifth Third Bancorp’s top lawyer to lead a key banking regulator, people familiar with the matter said. Jelena McWilliams has had several meetings in recent weeks with administration officials about running the Federal Deposit Insurance Corp., the people said. Though she hasn’t been formally offered the position, she is a leading candidate, they …

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• 29 July

  Barclays posts loss in 2nd quarter as Staley takes hit to end restructuring

  

  Bloomberg Jes Staley finally has the Barclays Plc he wants. But it cost him. The lender posted a net loss in the second quarter, driven by the cost of selling down its Africa unit and an unexpected charge for the payment protection insurance scandal. The bank said it now aims to earn a return on tangible equity of more than …

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• 29 July

  Morgan Stanley offers top-yielding CD as clients gobble up loans

  

  Bloomberg To feed its clients’ insatiable desire for loans, Morgan Stanley is hoping to gather fresh cash by offering savers the country’s top rate for certificates of deposit. An 11-month CD with a 1.9 percent annual percentage yield is available from Friday through Sept. 18, according to a term sheet whose contents were confirmed by Morgan Stanley spokeswoman Christy Jockle. …

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• 29 July

  Thiam ‘feeling good’ as Credit Suisse overhaul gains speed

  

  Bloomberg Halfway through Tidjane Thiam’s three-year restructuring plan, Credit Suisse Group AG is gaining traction. Switzerland’s second-largest lender reported a 78 percent increase in second-quarter profit, to 303 million francs ($312 million), as clients added about 11 billion francs in new money to its main wealth management units. Lower expenses lifted profit at the global markets trading business, still the …

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• 29 July

  Delta Air builds global alliance with China Eastern, Air France

  

  Bloomberg Delta Air Lines Inc., China Eastern Airlines Corp. and Air France-KLM Group are reaching for their checkbooks to forge a deeper global alliance. The US and Chinese carriers will each buy a 10 percent holding in Europe’s biggest airline. At the same time, Air France-KLM will take a 31 percent stake in the UK’s Virgin Atlantic Airways Ltd., in …

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• 29 July

  ‘Shrinking airline seat’ gets US court rebuke

  

  لآloomberg If you think the government should do something about the cramped legroom on airplanes, you’ve got a friend in a federal court. The US Court of Appeals in Washington, D.C., ordered aviation regulators to consider setting minimum standards for the space airlines give passengers. “This is the Case of the Incredible Shrinking Airline Seat,” Judge Patricia Ann Millett wrote …

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