Newsletter Oct 27, 2022

N.Ireland set for fresh elections over post-Brexit impasse

It has been without a functioning government since February, after the pro-UK Democratic Unionist Party (DUP) collapsed the executive over its staunch opposition to post-Brexit trade rules there.

Barclays beats forecast on trading boom, but bad loan charges rise

Barclays beat forecasts with a small rise in third-quarter profit on Wednesday lifted by a record performance in fixed income trading, but costs and loan charges crept higher in a sign of ongoing challenges.

Britain's new PM delays crunch budget plan

British Prime Minister Rishi Sunak on Wednesday postponed an eagerly awaited budget plan due next week, as the youthful new leader got down to business after weeks of political turmoil.

IMF chief expects UK PM Sunak's government to stick to fiscal discipline

IMF chief Kristalina Georgieva said on Wednesday she expects new Prime Minister Rishi Sunak to steer Britain towards fiscal sustainability and said he was right to warn the public of difficult decisions ahead.

Britain's Sunak to make parliamentary debut as PM

Rishi Sunak will on Wednesday face off against opposition lawmakers for the first time as British prime minister, in a likely raucous parliamentary session following weeks of political turmoil.

ECB poised for bumper rate hike despite recession gloom

Eurozone inflation stood at just under 10 percent in September, nearly five times the ECB's two-percent target.

Oil prices continue climb on strong crude demand, weaker dollar

Oil prices continued to rise in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports and a weaker U.S. dollar.

'Chief Twit' Elon Musk visits Twitter HQ as takeover deadline looms

Musk, the world's richest man, has reportedly been lining up financing since a judge paused litigation on October 6.

Investors punish Zuckerberg as costly Metaverse pitch falls flat

Wall Street is losing patience over Meta boss Mark Zuckerberg's enormous and experimental bets on his metaverse project that helped drive up the company's overall costs by a fifth in the third quarter.

Samsung Electronics says Q3 operating profit down 31% on-year

The results are the first year-on-year decline in profit in nearly three years for Samsung Electronics, the world's biggest smartphone maker.

Rail union representing 6,000 U.S. workers votes down labor deal

The Brotherhood of Railroad Signalmen (BRS) union, representing more than 6,000 members, said on Wednesday that workers voted against ratifying a national tentative agreement reached in mid-September, the second union not to approve the deal.

Euro back above dollar parity on US economic strains

The euro on Wednesday surged back above parity with the dollar, with the US currency sliding against its main rivals on concerns over the world's biggest economy.

Deutsche Bank net profit soars five-fold in Q3

Germany's biggest lender Deutsche Bank on Wednesday said its third-quarter net profit had risen more than five-fold year-on-year, far better than expected, as a restructuring programme bears fruit.

LG Display posts bigger-than-expected Q3 loss on sluggish device sales

South Korean flat-screen maker LG Display Co Ltd posted its second consecutive quarterly loss and cut its investment budget, as soaring inflation and a gloomy economic outlook dealt a further blow to demand for TVs and smartphones.

Mercedes-Benz to sell off Russian assets to local investor

German carmaker Mercedes-Benz is expected to sell its Russian assets to a local investor, the Russian ministry of industry and trade said Wednesday, becoming the latest automaker to exit since Moscow sent troops to Ukraine.