Europe biz: Apple TV+ launches, Greek bank under investigation
Updated 00:49, 02-Nov-2019
Katherine Berjikian, Juliet Mann
Apple CEO Tim Cook. The company's streaming service received luck warm reviews (Credit: AFP/ Angela Weiss)

Apple CEO Tim Cook. The company's streaming service received luck warm reviews (Credit: AFP/ Angela Weiss)

Apple TV+ launches, joining the streaming wars 

The new Apple streaming service, Apple TV+, launched today and is available in over 100 countries. The global service will feature original movies and television shows and will cost $4.99 a month.

This service will attempt to compete with other streaming sites such as Netflix, Amazon, Disney+ and HBO Max. On Wednesday, subscription to this new streaming service made up 18% of Apple's revenue. 

Looker issues second profit warning in four months 

Looker, a British car dealership, had a bad week after the departure of their two top executives and issuing a second profit warning in four months. These warnings were caused in part by lower vehicle sales and uncertainty around the UK's exit from the EU. 

The two executives, Andy Bruce and Nigel McMinn, will be replaced by Phil White. Lookers now expect its yearly pre-tax profit to be around $20 million. 

President Trump also claimed that Labour leader Jeremy Corbyn would be a 'bad' Prime Minister. (Credit: SAUL LOEB / AFP)

President Trump also claimed that Labour leader Jeremy Corbyn would be a 'bad' Prime Minister. (Credit: SAUL LOEB / AFP)

UK stands by Brexit deal despite trade warning by US 

Boris Johnson will stand by his Brexit deal after US President Donald Trump claimed that it would make it impossible for the US to form an independent trade deal with the UK. President Trump said on Thursday "This deal... you can't do it, you can't trade. We can't make a trade deal with the UK." 

A Downing Street spokesman told AFP that the UK's new Brexit deal would allow them to form "our own free trade deals around the world from which every part of the UK will benefit." This is despite President Trump's attempts in September to create an independent trade deal with the UK. 

Piraeus Bank accused of defying capital controls

Greece's largest bank was accused of violating capital controls in its transactions with Libra, a US conglomerate, according to the Financial Times. Greek prosecutors say they are investigating the bank after it was discovered that it was transferring money to an offshore account in Cyprus.

Libra bailed out the bank during the Greek financial crisis by buying some of its loans. They have denied any wrongdoing. 

Reuters turns down interested buyers

Thomson Reuters, the 168-year-old news agency, has turned down several potential buyers who became interested in acquiring the company after Reuters sold a majority of its shares to Blackstone last year. 

Axel Springer, a German media business, and a former editor-in-chief of Reuters were two of the parties that expressed interest in buying the company. Reuters will instead stay in the control of David Thomson, the chairman of the agency. 

A private survey - the Caixin/IHS Markit manufacturing PMI - showed October factory activity in China expanded at its quickest pace since February 2017. This was not what the markets had been anticipating and was a contrast to the official manufacturing data released on Thursday.

However, dashed hopes of an imminent trade deal between the US and China dragged the markets back in the other direction. Despite President Trump saying a trade deal between the US and China was coming soon and only delayed by the need to find a venue for a signing ceremony, whispers from a former Chinese official suggest there are still doubts around signing off on last month's 'phase one.'

Oil fell overnight on that weak China PMI, weak US data and negative trade deal comments. Gold rose $17, or 1.15% at the top of its daily trading range. The reticent mood on the markets should continue to benefit gold as investors look to degree data and political risk. However, Peter Dixon and Dr. Jorg Kramer at Commerzbank say in a note that only those with a skeptic view of economic prospects are investing in gold at the moment.

Overall, Q3 (third quarter) results have been better than feared after a poor run of Q2 (second quarter) reports. 

Source(s): AFP ,Reuters