Credit Suisse has forecast a pre-tax loss of up to SFr1.5bn ($1.6bn) in the fourth quarter of its financial year, citing a “substantial” industry-wide slowdown. The Swiss bank, which is undergoing a restructuring to recover from a string of scandals, said in an updated outlook on Wednesday that its wealth management division was likely to … Read more
The UK government has awarded a £1.6bn contract to build three support ships for the Royal Navy to a consortium that includes a state-owned Spanish shipyard, snubbing a rival bid from an all-British team. The decision on Wednesday sparked a furious reaction from unions and Labour, which has pledged to build the ships entirely in … Read more
THG and SoftBank have terminated a longstanding agreement for the Japanese company to buy a $1.6bn stake in the British ecommerce group’s technology division, cutting off what was intended to be a valuable source of funding for the growing business. Confirming what many analysts and investors had long feared, THG said that “in light of … Read more