Midday Dispatch – Corporate and Financial News

Reading Time: 2 minutes

Good day,

These are some of the main stories from the local and global corporate and financial world as reported by leading agencies and media.

The mood across global markets is expected to lift a little today following major volatility last week. The ailing pound is weakening still, striking a 10-year low against the Euro. Sterling hit it lowest level since October 2009 overnight, with £1 buying €1.0725. It’s more bad news for the High Street as the number of empty shops in town centres reached its highest level for four years. According to the BRC and Springboard, the vacancy rate was 10.3 per cent in July. This is Money

International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement. U.S. West Texas Intermediate (WTI) futures were at $53.89 per barrel, down 61 cents from their last close. Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%. Reuters

Saudi Aramco will take a 20 per cent stake in Reliance Industries’ refining and petrochemicals business, as the world’s largest crude exporter deepens its ties with the fastest-growing energy consumer. Financial Times

South Korea said on Monday it plans to drop Japan from its “white list” of countries with fast-track trade status from September, a tit-for-tat move that deepens a diplomatic and trade rift between the two countries. Reuters

Deutsche Bank faces an uphill battle to revive its struggling equity capital markets business, one of the bank’s top executives has admitted. Financial Times

Goldman Sachs Group Inc (GS.N) said on Sunday that fears of the U.S.-China trade war leading to a recession are increasing and that Goldman no longer expects a trade deal between the world’s two largest economies before the 2020 U.S. presidential election. Reuters

Cathay Pacific shares were on track to close at a decade-low on Monday after Beijing told the airline to bar staff who had taken part in “illegal” protests in Hong Kong from flying on routes into mainland China. Financial Times

Global investment banks are shedding tens of thousands of jobs as falling interest rates, weak trading volumes and the march of automation create a brutal summer for the sector. Financial Times

A new type of ransomware is attacking companies across the US and Europe, prompting a surge in claims on cyber insurance policies. Cyber insurance specialists say that use of the ransomware, called Sodinokibi, has exploded in recent months, with ransom demands that are far higher than usual — often hundreds of thousands of dollars. Financial Times

BeInformed Media Monitoring Service by Ci Consulta for Corporate Dispatch

%d bloggers like this: