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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 ...

Jonathan Bernstein The Democratic presidential nomination cycle is somewhat unusual for a party with a first-term incumbent president. The Republican 2024 cycle? There has never been anything remotely like it. Of course this is all about former President Donald Trump, whose unannounced campaign has been going strong since the day he left the White House.  Trump is doing all the ...

Jonathan Levin The latest bear-market rally in US stocks has brought investors off the sidelines and provided a welcome reprieve from three quarters of gloom. But traders now need to ask themselves whether the risks continue to justify the potential returns. The S&P 500 Index has rallied 7.9% since October 12, helped by hardy corporate earnings, stabilizing US Treasury yields ...

Abu Dhabi / WAM  Masdar has pledged to strengthen its support for Saudi Arabia’s clean energy objectives by opening a new dedicated office in the Kingdom. Masdar will also participate with partners in the upcoming Round 4 tender announced by the Saudi Power Procurement Co. (SPPC) for wind and solar projects with a combined capacity of 3.3 gigawatts (GW). The ...