John Flint’s decision to step down as chief executive of HSBC after just 18 months in the job took markets by surprise. His resignation was made “by mutual agreement with the board”, which reportedly lost confidence in Mr Flint’s ability to steer the bank through increasingly choppy waters stirred by trade tensions between America and China. Most of HSBC’s profit comes from Asia. The bank is expected to take its time choosing a successor.
A report prepared for the Intergovernmental Panel on Climate Change suggested that a move away from meat and towards plant-based diets could help fight global warming, but it pulled back from recommending that people become vegetarians. Companies selling plant-based products have seen their share prices soar this year.
The latest takeover in the consolidating payments industry saw Mastercard agreeing to buy Nets, a Danish real-time payments provider, for $3.2bn. It is Mastercard’s biggest acquisition to date.
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Vivendi, a French media company, said it was considering selling a stake of at least 10% of its Universal Music business to Tencent, a Chinese technology conglomerate, possibly raising that to 20% at a later date. If completed, a deal might allow Tencent to combine its expertise in streaming with Universal’s vast catalogue of artists, which include Abba, the Beatles, Drake, Elton John and Taylor Swift.
法国媒体公司维旺迪(Vivendi)表示，正在考虑向中国科技集团腾讯出售环球音乐集团至少10%的股份，可能会在晚些时候将比例提高至20%。如果交易完成，腾讯可能会将其在流媒体领域的优势与环球唱片的众多艺人结合起来，其中包括阿巴乐队（Abba）、披头士(Beatles)、德雷克(Drake)、埃尔顿·约翰(Elton John)和泰勒·斯威夫特(Taylor Swift)。
The Harland and Wolff shipyard in Belfast entered administration, marking the probable end of a business that built the Titanic and other famous vessels. The yard once employed 15,000 workers, but now just 122 work on repairs. It has not built a ship since 2003.
Barneys New York, a luxury department-store chain that opened shop in 1923, filed for bankruptcy protection and said it would close most of its stores. The company is restructuring its debt and expects to keep seven stores open, including its flagship premises in Manhattan, made famous by “Sex and the City”. Its insolvency proves that the upheaval in retailing is not confined to suburban shopping malls.