Monday 19 February 2018

Business in brief: Credit Suisse to report results

An illuminated logo sits on a wall outside a Credit Suisse Group AG office in Zurich, Switzerland
An illuminated logo sits on a wall outside a Credit Suisse Group AG office in Zurich, Switzerland

Credit Suisse is poised to report its biggest quarterly loss since the collapse of Lehman Brothers after being fined $2.6bn (€1.8bn) for helping American clients to evade taxes.

The bank is expected to post a loss of 701 million Swiss francs (€577m) today while competitor UBS may log an 812m-franc quarterly profit next week.

"The insecurity before and after the guilty plea certainly didn't make the business easier," said Peter Stenz, of Swisscanto Asset Management.

Credit Suisse's loss would be the biggest since the fourth quarter of 2008.

Probe to be launched

UK prosecutors are preparing to open a criminal investigation into alleged manipulation of foreign-exchange benchmarks, it was claimed.

The serious fraud office could announce the investigation as soon as this week, a source told Bloomberg.

"We are receiving and examining complex data on this topic," the SFO earlier said in an e-mailed statement. "If and when we open a criminal investigation, that decision will be announced."

Authorities around the world have been investigating whether traders rigged the $5.3 trillion-a-day currency market.

Amazon's expansion

Brookfield Asset Management is close to an agreement for Amazon to rent about 400,000 square feet of office space near the London technology hub known as Silicon Roundabout.

The world's biggest online retailer, based in Seattle, would occupy more than two-thirds of Brookfield's Principal Place development, near the northern edge of the London's main financial district, also known as "Tech City,", according to insiders.

Neither firm would comment.

House prices falling

Asking prices for London property fell for a second month in July as an increase in the number of homes for sale softened the market for sellers, Rightmove said.

Prices sought in the UK capital fell 0.4pc from June to an average £587,174 (€740,000), the property- website said. Across England and Wales, prices fell 0.8pc, their first decline since December.

"Market conditions still compare favourably with this time last year, with growth in both the economy and employment, plus a comparative thaw in mortgage availability," said Miles Shipside, director at Rightmove.

Irish Independent

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