Good morning! Here’s what you need to know in markets on Thursday.
Credit Suisse is cutting jobs in London, according to people familiar with the matter. The bank is putting about 130 people at risk of redundancy in the global markets business in the UK capital, according to the people. The cuts started Tuesday and continued into Wednesday. Of the 130, about 80 are in fixed income, with the other 50 in equities, the people said.
Alphabet’s YouTube is working on a paid subscription service called Unplugged that would offer customers a bundle of cable TV channels streamed over the Internet, Bloomberg reported. The project is slated to debut in the US as soon as 2017, Bloomberg reported on Wednesday, citing people familiar with the plan.
Trinity Mirror is pulling down the shutters on the New Day, in an abrupt reversal just 10 weeks after launching the first new national paper in Britain for 30 years. The Telegraph reports that the company is expected to announce the closure as part of a trading update on Thursday morning. The final edition is likely to be on Friday.
The European Commission is likely to block Telefonica’s sale of the British telecom business O2 to Hutchison group in Hong Kong due to fears it would inflict higher prices on British consumers, a source told AFP on Wednesday. “We expect European competition commissioner, Margrethe Vestager, to block the sale,” said a source close to the matter, indicating that a decision was expected this month.
Asian shares are down. China’s benchmark Shanghai Composite is down 0.18% at the time of writing (6.30 a.m. GMT/1.30 a.m. ET) and the Hong Kong Hang Seng is down 0.43%. Japan’s Nikkei is still closed for a public holiday.
The latest figures on growth in Britain’s services sector are coming. Markit’s PMI for April is expected to slow to 53.5, from 53.7 a year earlier. Anything above 50 signals growth, while anything below means contraction.
The New York Stock Exchange’s owner has shelved plans to gatecrash a merger between London Stock Exchange and its German counterpart, saying it no longer intended to stage a rival bid for the British bourse. Intercontinental Exchange’s CEO Jeffrey Sprecher accused the London exchange of failing to respond to the US group’s approaches despite several attempts to arrange meetings, meaning it did not have enough information to make a formal offer.
Bangladesh’s central bank chief will meet the head of the Federal Reserve Bank of New York and a senior executive from global financial messaging service SWIFT next week to seek the recovery of about $81 million (£55.7 million) stolen by hackers, officials in Dhaka said. Two Bangladesh Bank officials said the bank believed both the New York Fed and SWIFT bore some responsibility for the February cyber heist. The officials spoke on condition of anonymity since they were not authorised to brief the media.
China will invest 77 billion yuan (£8.1 billion, $11.9 billion) this year in building aviation infrastructure, the official Xinhua news agency reported late on Wednesday, citing the country’s civil aviation regulator. The Civil Aviation Administration of China (CAAC) said the investment, which will focus on airports, will initially lead to 11 key construction projects and 52 aviation-related upgrades to existing facilities, Xinhua reported.
Tom Hayes, the former banker convicted for his role in rigging the London Interbank Offered Rate (LIBOR), is trying to raise money for an appeal against his conviction using a crowdfunding platform. Hayes, who could serve as long as 11-years in jail for his role in the scandal, is attempting to raise £150,000 on crowdfunding site FundRazr so that he can appeal his conviction.
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