Standard Chartered Plc, the U.K. lender that makes about three-quarters of its earnings in Asia, may end 11 years of record profits as a loss at the Korean unit undermines revenue at the consumer-banking division.
Wal-Mart Stores Inc. is betting on career insider Doug McMillon, who learned the business from founder Sam Walton, to revive a company struggling with slowing growth at home and in the international regions he oversaw.
Wal-Mart Stores Inc. said Doug McMillon, head of its international business, will replace Mike Duke as chief executive officer when he retires as the world’s largest retailer struggles to ignite growth at home and abroad.
The Canadian dollar strengthened from a 10-week low after manufacturing sales increased to the highest in more than a year and Federal Reserve Chairman-nominee Janet Yellen said yesterday she’ll press on with stimulus that has boosted global risk appetite.
The surprise decision by the European Central Bank to cut interest rates means there’s now about an even chance that the euro, this year’s best-performing major currency, will erase all of its gains in a matter of months.
Royal Bank of Scotland Group Plc expects to post a “substantial” full-year loss after transferring 38.3 billion pounds ($61 billion) of its worst loans to an internal bad bank under government pressure.
The euro fell the most in two years versus the dollar after the European Central Bank unexpectedly cut its main refinancing rate to a record-low 0.25 percent to boost growth in the 17-member currency region.
HSBC Holdings Plc, Europe’s largest bank by market value, rose to a six-week high in Hong Kong stock trading, after saying third-quarter pretax profit jumped 30 percent, boosted by earnings in that city and cost cuts.