US retail sales rose more than expected last month, official data revealed on Friday. The Commerce Department says retail sales rose 0.6% in September, a rebound after sales slipped 0.2% in August. During the first nine months of the year, retail sales have increased 2.9% compared with 2015.
Bank of England is willing to tolerate above-target inflation to support growth and employment after 'Brexit', Governor Mark Carney said Friday. "Our job is not to target the exchange rate, our job is to target inflation," he said during a public meeting in Nottingham.
JPMorgan reported earnings per share of $1.58 on adjusted revenue of $24.67 billion in third-quarter, beating estimates. Analysts were expecting adjusted earnings per share of $1.39 on revenue of $24.25 billion, according to Bloomberg. "We delivered strong results this quarter with each of our businesses performing well," CEO Jamie Dimon said in a statement. JPMorgan's stock rose 1.4 percent in pre-market trading. The surprising result was propelled by investment bank; revenue in the unit came in at $9.46 billion due to the bank's bond trading desks, where revenue rose 48% from a year earlier. Lending revenue was $283 million, down 15%.
The just-released De Beers 2016 Insight Report forecasts nine dominant features and trends that are likely to influence the international diamond business, not just moving ahead into 2017, but for several years beyond. How they interact with one another, and how the industry responds, is likely to dictate results and prices through to the next decade.
Samsung Electronics said on Friday it expected to take a hit of about 3.5 trillion won ($3.1 billion) to its operating profit over the next two quarters from the fallout of its bungled Galaxy Note 7 recall. The negative impact will not shock otherwise the Korean company that focuses on the sales of other handsets to cushion the failure of Galaxy Note 7.
Societe Generale Private Banking Suisse intends to cut 80 jobs in Geneva sites, Lausanne and Zurich, it said in a statement on Thursday, confirming a commercial broadcaster news released La Télé. "The private banking activity of Societe Generale in Switzerland is considering reducing its workforce and has just started a consultation period so as to support its employees through this development", explained the statement.
The number of Americans filing for unemployment benefits remained at its 43-year low last week, official figures showed on Thursday. According to the US Department of Labor, initial jobless claims held at a seasonally adjusted 246,000 in the week ended October 8, while market analysts anticipated a slight increase to 252,000 during the reported period. The preceding week's figure was revised down to 246,000 from the originally reported reading of 249,000. It was the 84th consecutive week of initial claims remaining below the 300,000 level, the longest streak since 1973.
Scotland will push for a second independence referendum if Tory Prime Minister Theresa May follows through with plans to take the UK out of the single market in a ‘hard Brexit,’ First Minister Nicola Sturgeon said Thursday. Speaking at the SNP’s three-day annual conference, Sturgeon argued the Tories have no democratic mandate for a ‘hard Brexit,’ which would see a severe crackdown on EU immigration and a departure from the single market.
Google, Facebook and telecom and undersea infrastructure developer TE SubCom and PLDC (Pacific Light Data Communication Co. Ltd.) are teaming up to build a 120 Terabits per second (Tbps) submarine cable that will connect Los Angeles with Hong Kong. The new 12,800 km cable, called the Pacific Light Cable Network (PLCN), will be the highest-capacity trans-Pacific cable yet. The companies did not say how much they will invest in the new ultra high-speed link.
The global luxury goods sector is expected to grow more slowly in 2016, at a rate many retailers may find disappointing, according to the third “Global Powers of Luxury Goods” report just released by Deloitte Touche Tohmatsu, which examines and lists the 100 largest luxury goods companies globally, and provides an outlook on the global economy, an analysis of merger and acquisition activity in the industry and discusses the key forces shaping the luxury market.
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