Banks roll out robots as pandemic shakes up IT plans

LONDON (Reuters) – When banks were flooded with loan requests from businesses struggling with the fallout of the coronavirus pandemic, hastily built robots helped several lenders cope with the deluge. The bots were one of many quick technology changes deployed across the industry during the crisis, a contrast to the slow progress it’s made in […]

Panasonic second-quarter profit beats estimates on boost from Tesla battery business

TOKYO (Reuters) – Panasonic (OTC:PCRFY) Corp reported an 11% increase in second-quarter operating profit on Thursday, beating analyst estimates, helped by solid performance from its Tesla (NASDAQ:TSLA) Inc battery business. Panasonic, the main battery cell supplier for Tesla Inc, posted profit of 92.8 billion yen ($886.34 million) for the July-September period, compared with 83.9 billion […]

Fashion site unveils new and improved ‘Zozosuit 2’

TOKYO (Reuters) – Online fashion retailer Zozo Inc (T:3092) on Thursday unveiled a successor to its “Zozosuit” body-measuring suit, one of a string of failed projects ahead of the exit of founder Yusaku Maezawa, promising greater accuracy through design and software changes. The original polka-dot Zozosuit, which when scanned with a smartphone allowed users to […]

LVMH and Tiffany agree on lower price for $16 billion takeover

PARIS (Reuters) – U.S. jeweler Tiffany & Co (N:TIF) has agreed with LVMH (PA:LVMH) to slightly lower the price for its acquisition by the French luxury goods group, ending a bitter legal dispute between the two, the companies said on Thursday. The new takeover price was set at $131.5 a share from $135 in the original deal, […]

China premium car buyers drive VW back to profit

(Reuters) – Volkswagen AG (DE:VOWG_p) returned to profit in the third quarter as surging Chinese demand for luxury cars helped offset a 1.1% drop in vehicle deliveries due to the ongoing global COVID-19 crisis. VW’s return to profitability comes amid spiking coronavirus cases in Europe that lead to the French and German governments ordering their […]

Credit Suisse profit slides as wealth management fees fall

ZURICH (Reuters) – Credit Suisse (S:CSGN) on Thursday posted a steeper-than-expected slide in third-quarter profit, as a surge in investment banking failed to offset a slowdown in wealth management and other headwinds it chalked up to exceptional circumstances. Profit slid 38% during the quarter to 546 million Swiss francs ($602 million) as CS contended with its strongest […]

Dollar Retains Strength Amid Lockdowns; Euro Looks to ECB – The dollar was largely unchanged in early European trade Thursday, holding onto recent gains as new lockdowns in Europe to combat the surge in Covid-19 cases prompted demand for safe havens. At 2:55 AM ET (0655 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was flat […]

European Stocks Edge Higher; Corporate News Helps Ahead of ECB

European stock markets edged higher Thursday, bouncing off Wednesday’s sharp losses, helped by some positive corporate news and ahead of the latest European Central Bank meeting. At 3:35 AM ET (0835 GMT), the DAX in Germany traded 0.4% higher, the CAC 40 in France rose 0.1%, while the U.K.’s FTSE index climbed 0.1%. The announcement of additional measures to try and […]

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