ZURICH, Oct 27 (Reuters) – Credit Suisse, battered by years of scandals, plans to raise 4 billion Swiss francs ($4 billion) by selling stock while slashing thousands of jobs and spinning off its investment bank in an effort to recover from a run of heavy losses.
The troubled Swiss bank outlined what its chairman Axel Lehmann dubbed a “blueprint for success”, after racking up a 4 billion Swiss franc loss in the third quarter of the year and following torrid weeks for the group.
Full coverage: REUTERS
Down On Chips, Toyota Goes Back To Basics With Car Keys
TOKYO, Oct 27 (Reuters) – Toyota Motor Corp has discovered that even keys can be too “smart” for their own good.
The world’s top-selling carmaker said on Thursday it would replace one of the two electronic “smart” keys it delivers in Japan with a mechanical one for the time being as it races to get cars to customers in Japan.
“As the shortage of semiconductors continues, this is a provisional measure aimed at delivering cars to customers as quickly as possible,” Toyota said in a statement, apologising for the inconvenience.
Full coverage: REUTERS
Shell Posts $9.5 Bln Profit, Plans To Boost Dividend
LONDON, Oct 27 (Reuters) – Shell (SHEL.L) on Thursday posted a third-quarter profit of $9.45 billion, easing from the previous quarter’s record high due to weaker refining and gas trading, as it announced plans to sharply boost its dividend by year end when its CEO departs.
Shell also extended its share repurchasing programme, announcing plans to buy $4 billion of stock over the next three months after completing $6 billion in the previous quarter.
Full coverage: REUTERS
Lloyds Profit Slides On Hefty Charge For Potential Bad Loans
LONDON, Oct 27 (Reuters) – Lloyds Banking Group (LLOY.L) reported a slide in quarterly profit on Thursday, as the lender braced for a potential rise in loan defaults as inflation squeezes borrowers.
Britain’s biggest mortgage lender posted pre-tax profit of 1.5 billion pounds ($1.74 billion) for July-September, below the 1.8-billion-pound average analyst forecast provided by the bank and down from 2 billion a year earlier.
The results were dented by a 668 million pound provision taken to cover potentially soured loans, which it said reflected the deteriorating economic outlook.
Full coverage: REUTERS
Twitter Shares To Be Suspended On NYSE As Musk Nears Takeover
Oct 27 (Reuters) – Twitter Inc (TWTR.N) shares will be suspended from trading on Friday, the New York Stock Exchange’s website showed, as billionaire Elon Musk faces a court-ordered Oct. 28 deadline to close his $44 billion deal for the social media platform.
Musk, the world’s richest person, visited Twitter’s headquarters in San Francisco on Wednesday and hinted he was the company’s top boss after updating his profile bio to “Chief Twit”.
Full coverage: REUTERS
