Business

HSBC set to replace investment banking chief

HSBC is planning to replace the long-serving head of its investment bank ahead of a big restructuring that will result in large-scale job losses at the unit he has…

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EasyJet to offset carbon emissions from all its flights

EasyJet is set to become the world’s first major airline to operate net-zero carbon flights across its entire network, after announcing it would offset all jet fuel emissions. The British…

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HSBC to shed 180 jobs as part of voluntary retirement scheme

HSBC Malta will be shedding 180 members of staff this year as part of a voluntary retirement scheme announced in October. The exercise will cost it some €16m. 'The Bank…

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Two planes collide at Frankfurt Airport

Frankfurt Airport confirmed on Sunday morning that two passenger jets collided on the tarmac hours earlier. A Korean Air Boeing 777 aircraft collided lightly with an Air Namibia aircraft after landing…

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Saudi Aramco sets IPO share price at around $8.00

Saudi Aramco’s multibillion-dollar initial public offering (IPO), probably the biggest in history, shifted to full gear as its share price was announced and subscription to the world’s biggest oil company…

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Kaspersky owner warns of ‘catastrophic’ cyberattacks

According to Eugene Kaspersky, the Russian head of an antivirus software company that carries his name, catastrophic cyberattacks on critical infrastructure are coming in the near future unless governments can…

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Payments in Belgium to be rounded to nearest 5 cents from December

As of 1 December, retailers in Belgium will be obliged to round final totals to the nearest 5 cents in the case of cash payments, removing the need for 1…

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German Parliament passes anti-money-laundering laws

The German Parliament passed a raft of anti-money-laundering measures to bring the country in line with EU directives. The reform packet imposes stricter regulations for real estate agents, notaries, precious…

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X019: Xbox kicks off UK gaming event with Project xCloud and Xbox Game Pass news

Xbox has kicked off its X019 gaming event in London with a raft of announcements that will help gamers play the latest titles whenever and wherever they want. Project xCloud,…

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Visa discloses FTC probe on debit transactions

Visa Inc said the Federal Trade Commission (FTC) has initiated an inquiry into whether the payments processor’s actions prohibited merchants from using other debit payment networks. Bloomberg reported on Wednesday…

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Major trade partners seek compensation from UK and EU over Brexit

Leading trade partners are seeking compensation from the U.K. and EU over Brexit uncertainty that has disrupted pre-Christmas trade. Some 15 countries — including heavyweights such as Australia and the…

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Qantas completes “double sunrise” test flight from London to Sydney

Qantas Airways Ltd completed a 19-hour 19 minute non-stop test flight from London to Sydney on Friday as it nears a decision on whether to order planes for what would…

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Mercedes-Benz Cars to slash €1 billion in costs by 2022

Daimler shares fell sharply on Thursday after the German carmaker said tougher emissions rules will hit earnings in 2020 and 2021 forcing it to seek more than 1 billion euros…

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Danish prosecutor charges Danske Bank for overcharging customers

Danske Bank said on Thursday it has been preliminary charged by the Danish prosecutor for overcharging customers for an investment product. Denmark’s financial watchdog reported Danske Bank to the police…

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Photo Story: The presentation of the Ferrari Roma

The Ferrari Roma car is unveiled in Rome, Italy, 14 November 2019. The Roma is powered by the company’s popular twin-turbo V-8 that makes 611 horsepower and is coupled with…

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Qantas to operate another non-stop London to Sydney research flight

Australia’s national carrier is preparing for its second ultra-long haul research flight, as part of scientific studies into minimising jetlag for passengers and improving crew wellbeing. The first research…

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HSBC cut jobs in UAE as bank look to reduce costs

HSBC Holdings has laid off about 40 bankers in the United Arab Emirates (UAE) and Emirates NBD is cutting around 100 jobs, as banks in the Arab world’s second-biggest economy…

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Jobs at risk as China’s services sector feels heat of trade war

Annual profits at China’s Ningbo S-Power International Logistics Co are down a sharp 40% year-on-year. The firm’s woes highlight a bigger problem for the world’s second-largest economy and its…

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Germany narrowly avoids recession

The German economy has defied expectations of recession by growing 0.1 per cent in the third quarter as higher household and government spending offset a sharp downturn in the country’s…

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Bringing the Microsoft Experience To Gozo

Microsoft Partners J2 Group, an IT solutions and software company based in Malta which knows its origins in Gozo, will be fronting Microsoft’s new presence in Gozo into what is…

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Boeing accused of trying to hasten 737 MAX return

The head of the Southwest Airlines Co pilot union sharply criticized Boeing Co and questioned whether the manufacturer was trying to speed up the timeline for the 737 MAX’s return…

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McDonald’s Hosts Communication Day 2019 for Leadership Team

In 2020, McDonald’s will pursue its programme to modernise its restaurants, introduce additional functionality on the mobile app, and will also deploy McDelivery at selected restaurants. This was announced during…

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Mars to introduce vegan version of its Galaxy bar

Mars is to launch a vegan version of its best-selling Galaxy bar in the UK, the first move by a large mainstream confectionery brand to offer consumers a plant-based alternative…

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Britain’s economy avoids recession

Britain’s economy avoided a recession in the third quarter after it expanded by 0.3% but the annual pace of growth was the slowest for nearly 10 years as Brexit uncertainty…

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Malta: Bank of Valletta appoints first ever foreign CEO

Ricky David Hunkin is to be appointed CEO of Bank of Valletta on January 1, succeeding Mario Mallia who is not seeking renewal of his term. The bank said that in his…

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Regulator to investigate Apple Card’s ‘sexist’ discrimination in credit limits

New York’s Department of Financial Services has initiated the probe into the credit card practices of Goldman Sachs, which provides the Apple Card. In a series of Twitter posts starting…

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London Crossrail opening date slips again

The planned opening of London’s new east-west railway, Crossrail, was delayed again Friday as costs increased by up to 650 million pounds. The118-kilometer line, which will be formally known as…

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Amazon Long-Time Executive Steve Kessel to Step Down

E-commerce giant Amazon.com Inc's long-serving executive Steve Kessel will leave the company after 20 years, a company spokesperson told Reuters. Kessel, a senior vice president who has worked on Amazon's…

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EU should drop oil, gas and coal funding, say ministers

The European Union should halt funding of oil, gas and coal projects, EU finance ministers said, potentially cutting €2bn of yearly investments. The finance ministers called upon the European Investment…

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Plan to increase Portugal’s minimum wage

The new Portuguese government plans to raise minimum wages in Portugal, as new data reveals the country has one of the lowest minimum wages in Europe. Portugal continues to be…

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UK schools join Microsoft programme that uses tech to help students learn

Schools and colleges from across the UK have been added to Microsoft’s showcase teaching programme, which uses technology to help students learn. Four new colleges and 13 new schools will…

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Moody’s downgrades UK’s credit outlook

Leading ratings agency Moody's has signalled it is poised to downgrade the credit rating on Britain's government debt, warning that Brexit has triggered an "erosion in institutional strength" that threatens…

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China’s consumer prices rise at fastest clip in nearly 8 years

China’s producer prices fell the most in more than three years in October, as the manufacturing sector weakened on declining demand and a knock from the Sino-U.S. tariff war, reinforcing…

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Ryanair has been named the filthiest airline in the UK

Ryanair has been named the filthiest flight operator in the UK by passengers, according to a Which? Travel survey. In the survey of almost 8,000 people, fewer than half of…

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Facebook bars content claiming to name Trump impeachment whistleblower

Facebook Inc. is taking down any content that claims to name the anonymous whistleblower who ignited an impeachment inquiry into U.S. President Donald Trump, the social network announced. The company’s…

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Daimler chief outlines plan to cut up to 1,100 jobs

The new chief executive of Daimler has outlined plans to cut 10 per cent of managers in Germany and up to 1,100 in total worldwide, according to a letter circulated…

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Jail terms for 13 bankers over Monte Paschi scandal

Thirteen former bankers from Monte dei Paschi di Siena, Nomura and Deutsche Bank were sentenced to jail on Friday after a case that shook Italy’s establishment and fomented the rise…

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Mysterious wave of texts leave Americans confused

Text messages received overnight on Wednesday confused thousands of mobile phone users in the US. The messages were sent on Valentine's Day, but bizarrely arrived eight months later, carrying Wednesday's…

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EasyJet buys Thomas Cook airport slots at Gatwick and Bristol

British budget airline easyJet has bought the take-off and landing slots of failed travel company Thomas Cook at London Gatwick and Bristol airports for 36 million pounds, it said on…

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Billionaires’ wealth falls for the first time in a decade

The world’s richest people became a little less well off last year, according to a report by UBS and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth…

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Lufthansa strike continues, 600 flights cancelled

About 600 flights were cancelled on Friday as a 48-hour Lufthansa cabin crew strike entered its second day. Germany's flagship airline cancelled the flights, from a total pool of 1362 flights,…

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Carrefour to sell off Rue du Commerce online site

French supermarket retailer Carrefour is in talks to sell its Rue du Commerce online shopping site to French e-commerce venture Shopinvest, as it refocuses its online sales strategy on food…

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New PSA-Fiat Chrysler management to try to improve cost savings

The value of the cost savings announced in the planned merger between Peugeot owner PSA and Fiat Chrysler is nominal and management will target improvements over time, PSA’s chief executive…

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France’s privatisation push with sale of national lottery stake

The French government has launched its biggest wave of privatisations in more than a decade, kicking off the process with the sale of the majority of its stake in the…

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Bank of England split on rates as it warns Brexit deal would hit growth

The Bank of England has warned that weak global growth and trade barriers created by the government's Brexit deal will hit the UK economy. It came as two Bank policymakers…

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UK lowers security level for its ships in Strait of Hormuz

Britain lowered its security risk level for UK-flagged ships traveling through the Strait of Hormuz on Thursday, more than a month after one of its tankers was finally released from…

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EU cuts growth forecast, Italy worst performer in EU

The European Commission said Thursday that it has cut its growth forecast for Italy for 2020 from 0.7% to 0.4%. In its autumn economic forecasts, the Commission said: "Italy's economy…

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China seeks to attract more foreign investment

China’s cabinet issued guidelines on Thursday aimed at attracting more foreign investors, including plans to encourage investment in its hi-tech industries. China will step up opening-up in areas including financial…

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Maltese French Chamber of Commerce Celebrates 30th Anniversary

Celebrations to commemorate the 30th anniversary of the Maltese French Chamber of Commerce culminated recently with a classical music concert by the Cordia String Quartet followed by a gala…

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Banks, funds propose shorter trading day in Europe

Banks and fund managers want the European stock trading day shortened by 90 minutes in a radical move they say would improve market efficiency and staff wellbeing – but exchanges…

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1,300 Lufthansa flights cancelled as courts approve strike

Lufthansa cancelled 1,300 out of 6,000 flights scheduled — 700 on Thursday and 600 on Friday after German airline failed Wednesday with its injunction application and subsequent appeal against strike…

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NOK 245 billion in net revenue from the Norwegian petroleum industry in 2020

The Norwegian State’s net cash flow from the petroleum industry in 2020 is estimated to about NOK 245 billion. The fields on the Norwegian continental shelf cover around two per…

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New Tallinja Bike station on campus

Malta Public Transport installed a new e-bike station at the University of Malta, making it easier for students to commute between Valletta and university. Parking has become a persistent issue…

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German court approves Lufthansa strike

German airline Lufthansa were dealt a blow on Wednesday after a court ruled in favour of a union strike, dismissing an injunction brought forward by the air carrier. Lufthansa had made an…

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Erasmus+: EU will invest over €3 billion in young Europeans to study or train abroad in 2020

The European Commission published its 2020 call for proposals for the Erasmus+ programme. 2020 is the last year of the current European Union programme for mobility and cooperation in education, training,…

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The 2019 Web Summit in Lisbon

CEO and co-founder of Web Summit Paddy Cosgrave speaks during the third day of the Web Summit in Lisbon, Portugal, 06 November 2019. More the 70,000 participants from 163 countries…

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Marks & Spencer profit down 17% on weak clothing sales

Britain’s Marks & Spencer on Wednesday reported a 17% drop in first-half profit, dragged down by falling clothing sales, illustrating the bumpy path of its latest attempt at a turnaround…

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