Friday 15 November 2019

In brief

Audi's profit margins could fall again this year as it invests in its drive to overtake German rival BMW as the world's biggest seller of luxury cars, it said yesterday.

The forecast highlights the cut-throat battle at the premium end of the market, where Audi has sold more cars than BMW in the first two months of this year, but third-placed Mercedes-Benz is closing the gap on both. Audi, the profit engine of Europe's biggest carmaker Volkswagen, plans to expand its model range to 60 upmarket cars and SUVs by 2020 from 52 now, and is investing over €1bn in new factories in Mexico and Brazil.

Tesco on the rise

Tesco posted its strongest sales performance in 18 months in Britain, adding to evidence that new boss Dave Lewis's turnaround plan is making an impact as a price war intensifies.

Since joining the troubled grocer last September, Lewis has cut prices on fresh produce and branded goods, improved product availability and stepped up customer service, seeking to win back shoppers who deserted Britain's biggest supermarket chain for discounters Aldi and Lidl.

Ireland Day at LSE

Ireland INC and the London Stock Exchange will host the 'Third Annual Ireland Day' at the London Stock Exchange on June 9, organisers said yesterday. This business summit will be attended by Irish and British businesses and political leaders to debate global business issues under the "Ireland INC" brand.

Slow progress

Banks are only slowly making progress on changes recommended by regulators in how they deal with foreign exchange "fixing" orders, a key part of a global investigation into market manipulation, according to one European Central Bank (ECB) official.

Guy-Charles Marhic, secretary of the ECB's foreign exchange market contact group, said banks were talking to the ECB about implementing steps to improve the operation of currency benchmarks recommended last year by the Financial Stability Board - the G20's regulatory arm. Some formal steps, such as the widening of the fixing window to set the main London benchmarks have been carried out, but relatively few banks had fully implemented the proposals.

Irish Independent

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