Yahoo Finance What to Watch: Deutsche Bank shares rise, BA's huge fine, and 'dramatic fall' in jobs
Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:
Deutsche Bank shares rise on restructure plan
Deutsche Bank (DBK.DE) shares were rising on Monday morning in response to a radical turnaround plan announced on Sunday night.
Deutsche Bank said on Sunday that it would exit its global stocks business, cut back other parts of the business, and axe 18,000 jobs globally as part of efforts to end years of underperformance.
Deutsche Bank shares were up 3.8% to €7.45 at 8.40am UK time.
“For some time now we’ve noted various efforts at shaking up Deutsche Bank have been too little, too late,” Neil Wilson, the chief markets analyst at Markets.com, said. “Now it’s the right medicine, it just should have been taken a few years ago.”
British Airways hit with £183 million fine
British Airways is set to be fined more than £183 million by the Information Commissioner’s Office over a customer data breach, the company said.
The fine relates to BA’s failure to prevent the theft of customers’ personal and financial information between August and September 2018 from the website ba.com and the airline’s mobile app.
British Airways chairman Alex Cruz said the airline was “disappointed” by the initial finding.
Willie Walsh, chief executive of BA’s owner International Airlines Group (IAG.L), said the airline would make “any necessary appeals” against the penalty.
‘Dramatic’ decrease in City jobs
Financial services job vacancies suffered a “dramatic decline” in the second quarter, according to new data.
Recruiter Morgan McKinley’s second quarter London employment monitor, published on Monday, found a 33% slump in the number of finance jobs on offer in London. There were 50% fewer roles on offer compared to the same quarter last year.
The figures point to a continued slump in financial hiring in the UK capital. Morgan McKinley said the number of quarterly new roles has collapsed from over 24,000 at the start of 2017 to around 7,300.
Fintech raises $61 million
A financial technology startup that aims to be the “Office 365 for money” has raised $61 million.
Soldo, which operates in the UK, Ireland, and Italy, raised the money from US venture capital firm Battery Ventures, European fund Dawn Capital, and top European VC Accel. The “Series B” funding takes Soldo’s total financing to $82 million.
Soldo, founded in 2015, is an spend management platform that helps companies manage their spending across the business.
Government lobbied on scooters
A major Swedish electric scooter company has met with government officials as part of a review that could lead to an end of the UK’s ban on electric scooters.
Voi Technology, which has put tens of thousands of electric scooters on the roads of European cities, said on Monday that it had discussed with transport ministry officials how its service could supplement existing transport options.
The company also announced that it had reached five million rides just 10 months after it first launched.
Huawei fears return
A professor has added to concerns that Chinese telecoms giant Huawei could pose a major security risk to governments and businesses around the world.
A study by Christopher Balding, Associate Professor at Fulbright University Vietnam, found that key staff’s CVs contain a number of deep relationships with intelligence gathering and the military.
"Using a unique dataset of CVs, key mid-level technical personnel employed by Huawei have strong backgrounds in work closely associated with intelligence gathering and military activities,” he said in the paper.
European stocks quiet
European stock markets were quiet on Monday, with little momentum outside of Deutsche Bank.
Britain's FTSE 100 (^FTSE), Germany's DAX (^GDAXI), France’s CAC 40 (^FCHI), and the Euronext 100 were all flat.
Asian markets dipped overnight. Japan's Nikkei 225 (^N225) ended down by 0.9%, China's benchmark Shanghai Composite (000001.SS) was down by 2.5%, and the Hong Kong's Hang Seng index (^HSI) was down by 1.6%.
What to expect in the US
US stock futures were pointing to a lower open. S&P 500 futures (ES=F) were down by 0.1%, Dow Jones Industrial Average futures (YM=F) were down by 0.1%, and Nasdaq futures (NQ=F) were down by 0.2%.
