ANZ to cut overseas jobs
Australia & New Zealand Banking Group (ANZ) Ltd, Australia’s third-biggest bank by market value, is cutting about 30 jobs in its institutional banking unit. The affected positions are based in New York, London and Asia, and are mostly in customer relationship roles, ANZ Bank spokesman Stephen Ries said in an e-mailed statement. Australia’s most Asia-focused lender is in the process of restructuring its operations and shrinking its Asian businesses. The bank last month said it had reduced its Singapore headcount by about 300 from a year earlier, but remained committed to having an institutional banking presence across 14 Asian countries..
Ericsson announces losses
Swedish mobile networks company Ericsson AB yesterday said that “negative industry trends have further accelerated,” contributing to a third-quarter loss for the company of 233 million kronor (US$26.2 million). The loss compared with a net profit of 3.08 billion kronor during the same three-month period last year. The group said revenue dropped 14 percent from 59.2 billion kronor to 51.1 billion kronor amid fierce Asian competition and a slowing telecommunications equipment market. It added that the industry trends indicate to “a somewhat weaker than normal seasonal sales growth between the third and fourth quarters.”
Daimler profits soar
German automaker Daimler AG yesterday said that stronger sales of its technology-loaded Mercedes-Benz E-Class sedan and sports utility vehicles helped third-quarter earnings swell by 13 percent. Net profit during the July to September period rose from 2.42 billion to 2.73 billion euros (US$2.63 billion to US$2.97 billion) in the same quarter a year earlier. The increase came on a revenue rise of 4 percent to 38.6 billion euros, the company said. Favorable exchange rate developments boosted earnings, in addition to stronger sales. The company would use its momentum to move forward with its electric vehicles.
New buyers boost real estate
Home resales surged last month after two straight months of declines as first-time buyers stepped into the market, pointing to underlying momentum in the economy. The National Association of Realtors said existing home sales rose 3.2 percent to an annual rate of 5.47 million units. That was well above economists’ expectations for an increase to a 5.35 million-unit pace. First-time buyers accounted for 34 percent of transactions last month, the largest share since July 2012. Still, the share remains well below the 40 percent to 45 percent that economists say is required for a robust housing market.
Sales optimism growing
Consumer confidence has rebounded since the Brexit vote, despite the impending squeeze on household budgets from rising prices, a PricewaterhouseCoopers (PwC) survey found. A gauge of expectations for the next 12 months returned to positive territory last month as more consumers predicted they wouldd be better off than worse off, PwC said yesterday. Londoners and young people were the most upbeat, the survey of 2,050 consumers found. The report suggest consumers would continue to support an economy facing an uncertain year as Britain prepares for negotiations to leave the EU and the weak pound stokes inflation.
Luxury hotel Mandarin Oriental Taipei (文華東方酒店) plans to reopen its guestrooms in December to take advantage of a boom in domestic travel. The reopening would come six months after the five-star facility suspended room operations to cut costs as countries across the region impose border controls to contain the COVID-19 pandemic, diminishing demand for business travel. “We are delighted to share that Mandarin Oriental Taipei will resume room operations on December 1,” the hotel said in a statement yesterday. The hotel in Songshan District (松山) said it would adopt stringent health and safety practices to ensure the well-being of its guests and employees. It
India’s COVID-19 economic gloom turned into despair this week, on news that its per capita GDP for this year might be lower than that of Bangladesh. “Any emerging economy doing well is good news,” Kaushik Basu, a former World Bank chief economist, said on Twitter after the IMF updated its World Economic Outlook. “But it’s shocking that India, which had a lead of 25% five years ago, is now trailing.” Ever since it began opening up the economy in the 1990s, India’s dream has been to emulate China’s rapid expansion. After three decades of persevering with that campaign, slipping behind Bangladesh hurts
When the COVID-19 pandemic shut down bars and concert halls in the US in March, a new phenomenon was born: the vacation-rental nightclub. Professional party promoters started scanning Airbnb, Vrbo and other short-term rental sites for mansions and luxury condos for hire. Tickets were going for US$90 on Eventbrite and TikTok for soirees with bottle service and DJs. “People were looking to escape from their own homes and came into our tiny neighborhood to party all day, every day,” said Kristen Robinson Doe, a resident of a quiet suburban Dallas neighborhood, where a party pad was being rented out for more than
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their